By Rebecca Melvin
New York, Sept. 10 - Faurecia SA priced €220 million of 5.25-year convertible bonds in the Oceanes structure at par on Monday to yield 3.25% with an initial conversion premium of 37%, according to a news release.
The Regulation S deal came at the rich end of talk, which was for a yield of 3.25% to 4% and with a 32% to 37% premium.
There is an over-allotment option for another €30 million of bonds that may be exercised by the deal's joint bookrunners Societe Generale Corporate & Investment Banking, BNP Paribas, Credit Agriole Corporate & Investment Bank and Lazard-Natixis by Sept. 14.
HSBC was acting as a co-manager.
Proceeds will be used for general corporate purposes, including financing its industrial investments and research and development expenses.
The bonds will mature Jan. 1, 2018, when they will be redeemed in cash at par. The bonds will be convertible into or exchangeable for new or existing Faurecia shares at the ratio of one share per bond.
Application will be made to admit the bonds for trading on Euronext Paris. Issue date and settlement is expected to be Sept. 18.
Nanterre, France-based Faurecia is an automotive equipment supplier.
| Issuer: | Faurecia SA
|
| Issue: | Convertible bonds in Oceanes structure
|
| Amount: | €220 million
|
| Greenshoe: | €30 million
|
| Maturity: | Jan. 1, 2018
|
| Bookrunners: | Societe Generale Corporate & Investment Banking, BNP Paribas, Credit Agriole Corporate & Investment Bank and Lazard-Natixis
|
| Co-manager: | HSBC
|
| Coupon: | 3.25%
|
| Conversion premium: | 37%
|
| Conversion price: | €19.48
|
| Conversion ratio: | 1 share
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 18
|
| Distribution: | Regulation S
|
| Price talk: | 3.25%-4%, up 32%-37%
|
| Stock symbol: | Paris: EO
|
| Stock price: | €14.10, as of close Sept. 10
|
| Market capitalization: | €1.56 billion
|
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