Good reception for Caots Viyella bond issue

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Merrill Lynch reported a good reception for a pounds 75.6m convertible bond issue for Coats Viyella, which was raised from pounds 70m. The 10-year bond has a coupon of 6.25 per cent and the conversion price was set at pounds 2.75 a share, a 19 per cent premium over the mid-market price. The bonds can be converted at any time from September to maturity.

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