By Rebecca Melvin
New York, Nov. 14 - Deutsche EuroShop AG priced €100 million of five-year convertible bonds at par of €100,000 each to yield 1.75% with an initial conversion premium of 20%, according to a release.
The company also placed 2.314 million new no-par value registered shares at €29.25 each.
The bonds priced at the cheap end of talk, which was for a 1% to 1.75% coupon and a 20% to 25% premium.
Joint bookrunners of the Regulation S bonds were Bank of America Merrill Lynch and Commerzbank.
Proceeds will be used to finance a shopping center acquisition in Germany for about €160 million to €190 million.
The company plans to apply for the inclusion of the bonds to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.
Hamburg, Germany-based Deutsche EuroShop is a real estate investment company.
| Issuer: | Deutsche EuroShop AG
|
| Issue: | Convertible bonds
|
| Amount: | €100 million
|
| Concurrent offering: | €67.7 million of new stock, or 2.314 million shares, at €29.25
|
| Maturity: | 2017
|
| Bookrunners: | Bank of America Merrill Lynch and Commerzbank.
|
| Coupon: | 1.75%
|
| Price: | Par of €100,000
|
| Yield: | 1.75%
|
| Conversion premium: | 20%
|
| Conversion price: | €35.10
|
| Price talk: | 1%-1.75%, up 20%-25%
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 20
|
| Distribution: | Regulation S
|
| Stock listing: | Xtra: DEQ
|
| Stock price: | €29.55 at close Nov. 14
|
| Stock reference price: | €29.25
|
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