WASHINGTON, D.C., Apr. 7—The International Finance Corporation (IFC) launched its sixth warrant issue on April 2, 1997, offering 1 million JEX-linked ( Japan Export Index) call warrants expiring March 29, 1999. The warrants have been approved for listing on the Chicago Board Options Exchange, Inc. (the "CBOE") under the symbol "JXC.WS."
Each warrant was offered at $5.66 and has a face value of $38.62. It can be exercised immediately upon issue and carries a strike price of 236.07 with the exchange rate for calculation set at 122.25 Yen/US Dollar. Upon exercise, the cash value of the warrant will be paid to each investor in US Dollars.
"The warrants will increase in value as the JEX level increases and are expected to appeal to investors who take a bullish view on the performance of the 40 Japanese companies whose stock prices are referenced in the underlying index," said Farida Khambata, Director of IFC's Treasury Department. "This is the first warrant of its kind to be offered in the United States, and there has been a positive response from those investors who believe that the future performance of Japan's export sector has been underestimated by today's markets."
The warrants have been jointly underwritten by Oppenheimer & Co., ING Barings, and Peregrine Capital.
IFC is a member of the World Bank Group and the largest source of financing for private sector companies in developing countries. Its long-term debt is rated triple-A by Standard and Poor's and Moody's Investors Service.
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