By Stephanie N. Rotondo
Seattle, Oct. 19 Fugro NV priced 190 million of 4% five-year subordinated unsecured convertible bonds at par on Wednesday with an initial conversion premium of 30%, the company said in a press release.
Price talk was for a coupon of 3.75% to 4.25% and a conversion premium of 25% to 32.5%. The deal came upsized from 150 million.
HSBC is the bookrunner.
The initial conversion premium is 19.4416 a share. The company has the option to convert all of the outstanding bonds into certificates of ordinary capital on or after Nov. 18, 2019, should the stock reach a 150% price hurdle.
Interest is payable semiannually.
Proceeds will be used for the early repayment of part of the companys 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.
| Issuer: | Fugro NV
|
| Securities: | Subordinated unsecured convertible bonds
|
| Amount: | 190 million
|
| Maturity: | Oct. 26, 2021
|
| Bookrunner: | HSBC
|
| Co-manager: | ABN Amro
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 30%
|
| Conversion price: | 19.4416
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 26
|
| Price talk: | 3.75% to 4.25% coupon, up 25% to 32.5%
|
| Stock symbol: | AMS: FUR
|
| Stock price: | 15.56
|
| Market capitalization: | 1.32 billion
|
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