Mercator Looks to Raise $60 million in Convertible Bonds

Looking to expand and diversify from its 10-vessel tanker fleet base, India’s Mercator Lines has turned to the foreign currency bond market. The company aims to raise $60 million, which it will put towards the purchase of six modern vessels, three of which are to be bulk carriers. The total cost of the identified vessels is estimated at $270 million. The bonds are to carry an interest rate of 1.5% with a yield to maturity of approximately 5.95% and are convertible at INR 149.53. Barclays Capital is acting as lead manager while UTI is serving in the capacity of financial advisor in India.

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