By Abigail W. Adams
Portland, Me., Nov. 27 – AKKA Technologies SE placed €175 million perpetual convertible bonds on Wednesday with an initial coupon of 3.5% and a conversion premium of 35%, according to a company news release.
The bonds were marketed to qualified institutional investors in the European Economic Area.
The coupon on the convertible bonds will change from the fixed 3.5% to the six-month Euribor rate plus 900 bps from Jan. 1, 2025 onwards.
The bonds are non-callable until Jan. 25, 2023 when they become callable subject to a 130% hurdle.
There is a hard call on Jan. 1, 2025 and on each interest payment date thereafter.
The bonds will be settled in cash, shares or a combination of both at the company’s option.
AKKA Technologies is a Belgium-based engineering and technology consulting group.
| Issuer: | AKKA Technologies SE
|
| Securities: | Hybrid convertible bonds
|
| Amount: | €175 million
|
| Maturity: | Perpetual
|
| Coupon: | 3.5% until Jan. 1, 2025 then the six-month Euribor rate plus 900 bps
|
| Price: | Par
|
| Conversion premium: | 35%
|
| Call options: | Callable subject to a 130% hurdle from Jan. 25, 2023 until Jan. 1, 2025. Hard call Jan. 1, 2025 and every interest payment date thereafter
|
| Pricing date: | Nov. 27
|
| Distribution: | European Economic Area
|
| Stock symbol: | EPA: AKA
|
| Stock price: | €56.70 at market close Nov. 27
|
| Market capitalization: | €1.15 billion
|
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