By Rebecca Melvin
Princeton, N.J., Aug. 30 - The Netherlands' Draka Holding NV on Tuesday priced five-year €100 million five-year convertible bonds at par to yield 4% and with a 25% initial conversion premium.
The bonds were sold via bookrunner ABN Amro Rothschild.
The bonds are non-callable for three years and have no puts.
The Dutch cable company intends to use net proceeds to refinance its senior debt and to redeem up to €75 million of the outstanding €144 million convertible bonds due 2007 under a public tender offer launched Tuesday.
Draka has applied to list the bonds on Euronext Amsterdam.
Draka is the holding company of operating companies engaged in the development, production and sale of cable and cable systems, including both communication and special-purpose cable.
Some details of the issue were previously reported by Prospect News.
| Issuer: | Draka Holding NV
|
| Issue: | Subordinated convertible bonds
|
| Amount: | €100 million
|
| Bookrunner: | ABN Amro Rothschild
|
| Maturity: | Sept. 22, 2010
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 25%
|
| Conversion price: | €15.52
|
| Call: | Non-callable for 3 years
|
| Put: | No puts
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 22
|
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