Osim: to raise $120m 5-yr 2.75% unsecured convertible bonds due 2016. Conversion px at $2.025/sh, 25% premium to last close at $1.62. On full conversion, dilution will be 7.8% of existing share base.
Net proceeds of $118.3m to be used for general working capital, to finance acquisitions (with a focus on opportunities in China), and/or to reduce existing debts.
Issue of bonds is subject to SGX approval for the listing of the bonds...
Street has unanimous Buy ratings with recent TP ranging btwn $1.84-2.25.
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