By Rebecca Melvin
Princeton, N.J., Sept. 28 - The Netherland's USG People NV priced €115 million of seven-year convertible bonds at par to yield 3% with an initial conversion premium of 27%.
The bonds priced at the rich end of talk, which was 3% to 3.5% for the coupon and 22% to 27% for the initial conversion premium.
An over-allotment for an additional €15 million of bonds was exercised, bringing the issue amount up to €115 million from €100 million initially expected.
ING Wholesale Banking and Rabo Securities were joint bookrunners of the issue, which was eight times oversubscribed, a syndicate source said. Kempen & Co. was co-lead manager.
The subordinated convertible bonds, under Regulation S, were offered concurrently with an offering of €230 million of new shares.
Proceeds of the bond offering will be used to repay part of the bridge facility to finance the acquisition of Solvus NV and to repay part of Solvus' existing debt, as well as part of USG's debt existing at the time of the acquisition, the company said.
Almere-based USG People is a provider of staffing services in 11 European countries.
| Issuer: | USG People NV
|
| Issue: | Subordinated convertible bonds
|
| Amount: | €115 million
|
| Bookrunners: | ING Wholesale Banking and Rabo Securities
|
| Maturity: | Oct. 18, 2012
|
| Coupon: | 3%
|
| Price: | 100
|
| Yield: | 3%
|
| Conversion premium: | 27%
|
| Conversion price: | €35.83
|
| Conversion ratio: | 27.9096
|
| Calls: | Non-callable for five years
|
| Puts: | None
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 18
|
| Distribution: | Regulation S
|
| Price talk: | Yield: 3%-3.5%; premium: 22%-27%
|
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