By Rebecca Melvin
New York, May 15 - Wereldhave NV priced €250 million of five-year convertible bonds at par of €100,000 to yield 1% with an initial conversion premium of 20% over the volume-weighted average price of the shares on Euronext Amsterdam between launch and pricing, according to a news release.
Pricing came at the midpoint of 0.5% to 1.25% coupon talk and at the cheap end of 20% to 25% premium talk.
Barclays and BNP Paribas were the joint global coordinators and joint bookrunners for the placement, which may be increased by €25 million.
The bonds are non-callable until May 22, 2017 and then provisionally callable if shares rise to 130% of the conversion price or if 20% or less of the bonds remain outstanding.
Proceeds will be used for general corporate purposes and to fund the repurchase of €100 million of Wereldhave's existing 2.875% convertibles due 2015.
There are €230 million of those bonds outstanding.
Wereldhave can settle the new bonds for cash, shares or a combination of both.
Application is being made to list the securities on the Open Market segment of the Frankfurt Stock Exchange.
Based in the Hague, the Netherlands, Wereldhave is a real estate company with properties in Europe and the United States.
| Issuer: | Wereldhave NV
|
| Issue: | Convertible bonds
|
| Amount: | €250 million
|
| Greenshoe: | €25 million
|
| Maturity: | May 22, 2019
|
| Bookrunners: | Barclays, BNP Paribas
|
| Coupon: | 1%
|
| Price: | Par, €100,000
|
| Yield: | 1%
|
| Conversion premium: | 20%
|
| Conversion price: | €75.474
|
| Price talk: | 0.5%-1.25%, up 20%-25%
|
| Call option: | Non-callable until May 22, 2017 and then provisionally callable if shares rise to 130% of the conversion price or if 20% or less of the bonds remain outstanding
|
| Pricing date: | May 15
|
| Settlement date: | May 22
|
| Distribution: | Regulation S
|
| Stock symbol: | Euronext Amsterdam: WHA
|
| Stock reference price: | €62.8948
|
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