By Stephanie N. Rotondo
Seattle, Dec. 8 – Greenyard NV’s wholly owned subsidiary, FieldLink NV, priced €125 million of five-year senior guaranteed convertible notes at par to yield 3.75% with an initial conversion premium of 25%, according to a press release on Thursday.
The amount includes a fully exercised €15 million over-allotment option.
Price talk was for a yield of 3.5% to 4% and a conversion premium of 22.5% to 27.5%.
BNP Paribas Fortis and Berenberg are the joint bookrunners and global coordinators. Daiwa Capital Markets, Degroof Petercam and KBC Bank are also joint bookrunners.
The €100,000-par convertible bonds will trade on the open market of the Frankfurt Stock Exchange. Interest will be payable semiannually.
The conversion price will be confirmed at the close of business but will equal the volume weighted average price of the stock during the trading day plus a 25% premium.
The bonds are callable on or after Jan. 22, 2020 at par plus accrued interest, but only if the stock hits a 130% price hurdle or if there is 15% or less of the issue left outstanding.
Deprez Holding NV intends to take up 10.8% of the new convertibles. The company is controlled by the Deprez family, which owns a 43.8% stake in Greenyard.
Greenyard is a Sint-Katelijne-Waver, Belgium-based market leader of fresh, frozen and prepared fruit & vegetables, flowers, plants and growing media.
| Issuer: | FieldLink NV/Greenyard NV
|
| Securities: | Senior unsecured guaranteed convertible notes
|
| Amount: | €125 million
|
| Maturity: | Dec. 22, 2021
|
| Bookrunners: | BNP Paribas Fortis, Berenberg (global coordinators), Daiwa Capital Markets, Degroof Petercam, KBC Bank
|
| Coupon: | 3.75%
|
| Price: | Par of €100,000
|
| Yield: | 3.75%
|
| Conversion premium: | 25%
|
| Call options: | On or after Jan. 22, 2020 at par if the stock hits a 130% price hurdle or if 15% or less of the issue remains outstanding
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 22
|
| Distribution: | Regulation S
|
| Talk: | 3.5% to 4% yield, 22.5% to 27.5% premium
|
| Stock symbol: | BRU: GRYFO
|
| Stock price: | €15.30
|
| Market capitalization: | €678.9 million
|
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