By Rebecca Melvin
New York, Oct. 8 - Fomento de Construcciones y Contratas SA priced €450 million of five-year convertible bonds at par to yield 6.5% with an initial conversion premium of 28%, according to a syndicate source.
Pricing came beyond the cheap end of talk for the coupon, which was 5.5% to 6%, and at the cheap end of talk for the premium, which was 28% to 33%.
Barclays Bank plc and Societe Generale were joint lead managers of the offering.
The bonds will mature Dec. 30, 2014. They have an issuer conversion feature that effectively means they are non-callable for three years and provisionally callable after that at a price hurdle of 130%.
The issuer is a construction company based in Barcelona, Spain.
| Issuer: | Fomento de Construcciones y Contratas SA
|
| Issue: | Convertible bonds
|
| Amount: | €450 million
|
| Maturity: | Dec. 30, 2014
|
| Bookrunners: | Barclays Bank plc, Societe Generale
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion premium: | 28%
|
| Conversion price: | €39.287
|
| Calls: | Non-callable for three years and then provisionally callable at a price hurdle of 130%
|
| Put: | No puts
|
| Price talk: | 5.5%-6%, up 28%-33%
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 30
|
| Distribution: | Regulation S
|
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