By Susanna Moon
Chicago, Nov. 7 - FirstFarms A/S said it received subscription requests for Kr 54.5 million of 6% convertible bonds due March 15, 2016 by the end of the subscription period on Nov. 6. The deal was announced on Oct. 28.
As a result, the deal was oversubscribed by Kr 4.5 million, according to a company press release.
There was a minimum subscription of Kr 750,000, and all investors who subscribed for more than Kr 750,000 will get the subscription amounts allocated pro-rata, the company said.
Proceeds will be used to strengthen financial resources, develop existing business through purchase of land, land lease contracts or companies and optimize and further develop activities according to FirstFarms' business concept.
As previously reported, FirstFarms planned to sell Kr 25 million to Kr 50 million of the 6% convertibles.
The conversion price was set at Kr 42.78, which is a 3.6% discount to the company's closing share price of Kr 44.40 (Nasdaq OMX Copenhagen: FFARMS) on Oct. 25.
The notes are convertible 12 months after issue.
The convertibles will not be callable or putable.
FirstFarms invests in agriculture and land in Eastern Europe. The company is based in Billund, Denmark.
| Issuer: | FirstFarms A/S
|
| Issue: | Convertible bonds
|
| Amount: | Kr 54.5 million
|
| Maturity: | March 15, 2016
|
| Price: | Par
|
| Coupon: | 6%
|
| Initial conversion price: | Kr 42.78
|
| Pricing date: | Oct. 28
|
| Issue date: | Nov. 6
|
| Stock symbol: | Nasdaq OMX Copenhagen: FFARMS
|
| Stock reference price: | Kr 42.78 at close Oct. 25
|
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