Welspun plans to buy back $150 mn convertible bonds

Welspun Corporation today said it intends to buy back convertible bonds worth $150 million, carrying a coupon rate of 4.5%.

"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.