Fugro to sell €150 million subordinated convertible bonds due 2021 at 3.75%-4.25%, up 25%-32.5%

By Stephanie N. Rotondo

Seattle, Oct. 19 – Fugro NV is offering €150 million of subordinated unsecured convertible bonds due Oct. 26, 2021 with a coupon of 3.75% to 4.25% and an initial conversion premium of 25% to 32.5%, the company said in a press release on Wednesday.

There is a €40 million over-allotment option.

Pricing is expected later Wednesday.

HSBC is the bookrunner. ABN Amro is a co-manager.

Interest is payable semiannually. The company has the option to convert all of the outstanding bonds into certificates of ordinary capital on or after Nov. 18, 2019 if the stock reaches a 150% price hurdle.

Proceeds will be used for the early repayment of part of the U.S. private placement notes.

Fugro is a Leidschendam, The Netherlands-based independent provider of geo-intelligence and asset integrity solutions for large constructions, infrastructure and natural resources.

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