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Mercator in the News
Mercator’s Singapore based Subsidiary concludes issue of Convertible Bonds
‘Mercator Lines (Singapore) Pte. Ltd’, a subsidiary of the company, has successfully concluded issue of the Convertible Bonds aggregating USD 51 million, consisting of Bonds-A of USD 35 Million and Bonds-B of USD 16 Million. The Bonds-A are mandatorily convertible in the event of IPO within 24 months from the date of issue of these Bonds. Bonds-B are optionally convertible after 45 days from the date of IPO. The conversion price for Bonds-A will be fixed at the time of IPO and will be at a fixed discount to the IPO price. The conversion price for Bonds-B is at a premium on 45 days volume weighted average of the share price after listing of the shares. In absence of IPO, the Bonds will be redeemed at a fixed redemption price.
These Bonds are proposed to be listed on Singapore Stock Exchange.
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