Chennai, Tamil Nadu, India
-- Listing on Singapore Stock Exchange
-- Deutsche Bank sole underwriter and bookrunner
BSE: 520086
NSE: SICAL
Reuters: SICA.BO
Bloomberg: SIC@IN
Sical Logistics Ltd today announced the successful closure of its offering to raise USD 75 million in foreign currency convertible bonds (FCCB).
-- The bonds have been listed on the Singapore Stock Exchange
-- The bonds will mature in 5 years and 1 day, on 18 April 2011
-- Each USD 1000 bond is convertible to 78.8152 shares of Sical Logistics, the conversion price of each being Rs 563.55, a premium of 30% over the closing price on the BSE of Rs 433.50, on 14 March 2006.
-- The company has the option to exercise a call option for the bonds after 17 April 2007, provided a 30% premium has been achieved over the accreted conversion price as of that date.
-- The bonds carry a zero coupon with a yield-to-maturity of 6.32% pa calculated on a semi-annual basis
Deutsche Bank was the sole underwriter and bookrunner to the offering. The offering was launched on 15 March 2006.
The funds will be used for projects including
-- Container trains
-- Offshore logistics
-- Trucking
-- Port equipments and infrastructure
Ashwin Muthiah, Vice Chairman, Sical Logistics, said that the successful closure of the FCCB issue is a major milestone in the well planned growth strategy of the company .
""The fast-growing Indian bulk and containerized logistics space is an exciting opportunity; the funds raised from the FCCB issue will help us quickly leverage Sical's current leadership position and customer relationships in integrated multi-modal logistics,"" he said.
About Sical Logistics
Sical Logistics Ltd, formerly South India Corporation (Agencies) Ltd, is India's leading provider of integrated multi-modal logistics for bulk and containerized cargo─port terminals; port handling; trucking and warehousing; ship agency; container freight stations; customs agency ; and offshore supply logistics. Sical's delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; 1.9 million square meters of storage across 104 warehouses; owned and regularly contracted fleet of over 2400 transport vehicles, and container freight stations at 4 locations across India. Sical's consolidated revenue in FY2004-05 was Rs 12.48 billion on an equity base of Rs 275.33 million.
Anuradha Altekar, Ubiquus, +91 9870100642 anuradha@ubiquus.biz
Source: Sical Logistics Ltd. (Business Wire India)
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