Orchid on FCCB

Chennai, Feb 26 (UNI)The city-based pharma company Orchid Chemicals and Pharmaceuticals Ltd. (Orchid) has recently priced USD 175 million zero coupon Foreign Currency Convertible Bonds (FCCB), with an underwriter greenshoe option of USD 25 million.

The closing of the offering was expected on February 27, 2007, a company release here today said.

Orchid also intended to utilize approximately USD 130 million of the proceeds for repayment of certain outstanding foreign currency loans, and the balance for completing its NPNC products and Carbapenem API and dosage form facilities it would strengthen its presence in US generics and other regulated markets, strengthen overseas marketing and distribution infrastructure, and general corporate purposes as may be permitted under applicable law or regulations.

However, the release added that this was not an offer of securities for sale in the United States.

UNI