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Sical Logistics raises $75 mn via FCCBs

By Staff
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New Delhi, Apr 19: Sical Logistics Ltd today announced the successful closure of its offering to raise 75 million US dollars in foreign currency convertible bonds (FCCB).

The offering was launched on March 15, 2006.

The funds will be used for projects including Contrainer Trains, Offshore logistics, Trucking and Port equipments and infrastructure.

The bonds have been listed on the Singapore Stock Exchange and 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 per cent over the closing price on the BSE of Rs 433.50, on 14 March 2006, a press release received here said.

The company has the option to exercise a call option for the bonds after 17 April 2007, provided a 30 per cent 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 per cent per annum calculated on a semi-annual basis.

Sical's consolidated revenue in FY2004-05 was Rs 12.48 billion on an equity base of Rs 275.33 million.

Deutsche Bank was the sole underwriter and bookrunner to the offering.

''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,'' Mr Ashwin Muthiah, Vice Chairman, Sical Logistics, said.

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, owned and regularly contracted fleet of over 2400 transport vehicles, and container freight stations at 4 locations across India, the release added.

UNI

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