By Rebecca Melvin
New York, May 19 - Fonciere des Regions SA priced about €550 million of six-year convertible bonds in the Ornane structure at par to yield 3.34% with an initial conversion premium of 20%, according to a news release.
The deal size includes full exercise of the extension option granted to underwriters.
Pricing came at the cheap end of premium talk, which was 20% to 25%.
Bank of America Merrill Lynch, HSBC, Lazard-Natixis and UniCredit were the joint bookrunners of the Regulation S offering.
Proceeds will be used to diversify the company's funding sources and to extend its debt maturity profile, including refinancing existing credit facilities and for general corporate purposes.
Shareholders as of May 13 were entitled to subscribe to the offer during a priority subscription period of three trading days until Wednesday.
Delfin, which holds 28.92% of the company's share capital as of the time of the prospectus, plans to subscribe to the issue during the priority subscription.
Metz, France-based Fonciere des Regions owns and manages real estate properties.
| Issuer: | Fonciere des Regions SA
|
| Issue: | Convertible bonds in Ornane structure
|
| Amount: | €550 million, including exercised greenshoe
|
| Maturity: | Jan. 1, 2017
|
| Bookrunners: | Bank of America Merrill Lynch, HSBC, Lazard-Natixis, UniCredit
|
| Coupon: | 3.34%
|
| Price: | Par, €85.86
|
| Yield: | 3.34%
|
| Conversion premium: | 20%
|
| Conversion price: | €85.86
|
| Conversion ratio: | €71.5468
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Distribution: | Regulation S
|
| Talk: | Premium: 20%-25%
|
| Stock symbol: | Paris: FDR
|
| Stock reference price: | €71.5468
|
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