New Issue: Fugro sells €110 million convertible at 2.375%, up 33%

Nashville, April 7 - Fugro NV on Thursday sold €110 million of five-year convertible bonds at par to yield 2.375% with a 33% initial conversion premium via joint bookrunners ABN AMRO and Rabobank.

The issue, launched early Thursday, priced at the aggressive end of price talk for a coupon of 2.375% to 2.875% and a conversion premium of 28% to 33%.

Fugro, an oilfield services firm based in Amsterdam, also arranged a €100 million revolving credit line and said proceeds would be used to finance internal and external growth.

Terms of the issue are:

Issuer:	Fugro NV
Issue:	Convertible bonds
Lead managers:	ABN AMRO and Rabobank
Amount:	€110 million
Maturity:	April 7, 2010
Coupon:	2.375%
Price:	Par
Yield:	2.375%
Conversion premium:	33%
Conversion price:	€97.00
Conversion ratio:	10.309
Contingent conversion:	No
Contingent payment:	No
Dividend protection:	Yes, if increased 15% or more annually
Call:	Non-callable for 3 years, then with 130% trigger
Price talk:	2.375%-2.875%, up 28%-33%
Pricing date:	April 7

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