Fonciere Inea talks €32.07 million Oceanes convertibles at 5%-5.5%, up 17.51%

New York, July 2 - Fonciere Inea plans to price €33.066 million of convertible bonds in the Oceanes structure on July 7.

The securities will have a conversion price of €40.00, equivalent to a 17.51% premium over the June 30 closing stock price, and are talked at a yield of 5% to 5.5%.

Orders will be accepted through Friday.

The Oceanes will be issued at par of €40.00 and will have a conversion ratio of 1. They will mature on Jan. 1, 2014.

Inea can call the bonds at par starting Jan. 1, 2012 subject to a 125% hurdle.

Dexia is bookrunner and lead manager, while Rothschild is lead manager and financial adviser.

The offering can be increased to €36.876 million, and there is a greenshoe for a further €4.331 million.

Proceeds will be used for further growth.

Inea is a Paris-based manager of business real estate.

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