BELL GROUP ISSUING 200 MLN IN CONVERTIBLE BONDS
The Bell Group Ltd <BLLA.S> said it will
make two convertible bond issues totalling 200 mln dlrs.
    An issue of about 125 mln in convertible bonds, to be
quoted on the Luxembourg Stock Exchange, would be offered in
Europe through a syndicate led by <Banque Paribas Capital
Markets Ltd>, <Swiss Bank Corp International Ltd> and <S.G.
Warburg Securities>, Bell Group said in a statement.
    Subject to shareholder approval, at a meeting on April 22,
a further 75 mln dlrs in convertible bonds would be subscribed
by Bell Group chairman Robert Holmes a Court, it said.
    The funds would provide additional working capital.
    The bonds, maturing 10 years from the date of issue, would
carry a 10 pct per annum interest rate, payable annually in
arrears, Bell Group said.
    The bonds are convertible into ordinary shares of The Bell
Group Ltd at any time, with the issue price a premium in the
range of 20 to 25 pct above the market price of the ordinary
shares at the date of issue of the bonds, it said.
    The bonds also carry the right for the issuer to redeem
them after two years if the share price is above 130 pct of the
conversion price for more than 30 days. Bell Group made a
similar 75 mln dlr bond issue in December 1985.
 REUTER
