New York, July 2 - Altran Technologies priced €203.2 million of 4.5-year convertible bonds in the Oceanes structure to yield 3.75% with a 30.4% initial conversion premium.
The deal came at the middle of talk which put the yield at 3.5% to 4% with a 28% to 33% initial conversion premium.
Calyon was bookrunner for the deal, which has a €26.8 million greenshoe.
Altran said the convertibles were five times oversubscribed.
Altran, a Paris-based science and engineering consulting company, said the offering is intended to boost its financial strength by diversifying its sources of financing, lengthening its debt maturities and potentially increasing its capital.
Specifically, proceeds will be used to repay the convertible due Jan. 1, 2005 that was issued in July 2000. As of Dec. 31, 2003, there was €355 million of the old securities outstanding.
| Issuer: | Altran Technologies
|
| Issue: | Oceanes convertible bonds
|
| Amount: | €203.2 million
|
| Over-allotment option: | €26.8 million
|
| Maturity: | Jan. 1, 2009
|
| Coupon: | 3.75%
|
| Price: | Par of €12.70
|
| Yield: | 3.75%
|
| Conversion premium: | 30.4%
|
| Conversion price: | €12.70
|
| Conversion ratio: | 1
|
| Call: | July 1, 2007 onwards at par subject to 130% hurdle
|
| Bookrunner: | Calyon
|
| Pricing date: | July 1, after close
|
| Settlement date: | July 9
|
| Price talk: | Yield: 3.5%-4.0%
|
| Conversion premium: 28%-33%
|
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