WESTERN Australian earthmoving company Emeco has announced that its $100 million convertible note offer was oversubscribed. As a result, Emeco will issue an additional $25 million in convertible notes.
The fixed semi-annual 10 per cent notes, which have a maturity date in 2010, began trading on the ASX on May 3 under the code EMCG.
With operations throughout Australia, the US, Indonesia and Japan, Emeco’s business is in earthmoving rentals, sales, parts and maintenance services.
In the event of an initial public offering, Emeco note-holders are entitled to exchange their notes for securities at a 2.5 per cent discount to retail investors.
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