Johnson issue nets US$150m

JOHNSON Electric has raised US$150 million through its convertible bond issue after co-lead manager Morgan Stanley International exercised its option to insist on a further $20-million tranche.

Each bond is convertible on or after January 14 for seven years at an initial conversion price of $22.92 a share.

Assuming full conversion at that price, the mini-motor manufacturer will issue 50.56 million new shares representing 13.26 per cent of the existing issued share capital.