Welspun plans to buy back 150$ mn convertible bonds

NEW DELHI: Welspun Corporation today said it intends to buy back convertible bonds worth 150$ million, carrying a coupon rate of 4.5 per cent.

"The company intends to re-purchase for cash an aggregate principal amount of the outstanding bonds in an amount to be determined by the company...by way of an invitation to holders of bonds to tender their bonds for repurchase," it said in a BSE filing.

The Singapore Exchange Securities Trading-listed bonds were due in 2014, the pipe maker said.

Welspun Corp said the tender offer memorandum outlining the terms and conditions of the invitation to tender would be sent to the bond holders.

"The invitation to tender comprises an early offer and a late offer and will commence on October 17 and will expire on October 23, unless extended or reopened as provided in the tender offer memorandum," it said.

Welspun said it has already undertaken to repurchase at least USD 20 million of the principal amount of outstanding bonds, subject to such amount of bonds being tendered by bondholders for repurchase.