By Rebecca Melvin
New York, Oct. 30 – Fugro NV launched and priced €100 million of 4.5% seven-year subordinated unsecured convertible bonds at par on Monday with an initial conversion premium of 42.5%, the company said in a press release.
Price talk was for a coupon of 4% to 4.5% and a conversion premium of 40% to 50% over the volume weighted average price of the company’s common share certificates quoted on Euronext Amsterdam on Monday. A final conversion price was to be set late Monday.
Holders can put their bonds at par on the fifth anniversary of their issue.
The bonds are provisionally convertible after Nov. 23, 2020.
HSBC is global coordinator and bookrunner of the issue.
Concurrently with the new issue, Fugro conducted a consent solicitation to amend the provisions of its €190 million of 4% convertibles due 2021 to make then rank fully pari passu with the new bonds.
Proceeds will be used to increase the company’s financial flexibility with any remaining proceeds to repay senior debt.
Based in Leidschendam, The Netherlands, Fugro is a provider of geotechnical, survey, subsea and geoscience services.
| Issuer: | Fugro NV
|
| Securities: | Subordinated unsecured convertible bonds
|
| Amount: | €100 million
|
| Maturity: | Nov. 2, 2024
|
| Bookrunner: | HSBC
|
| Co-managers: | ABN Amro, ING and Rabobank
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 42.5%
|
| Put: | At par on Nov. 2, 2022
|
| Contingent conversion: | Yes, after Nov. 23, 2020
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 2
|
| Price talk: | 4% to 4.5% coupon, up 40% to 50%
|
| Stock symbol: | AMS: FUR
|
| Stock price: | €11.73 as of Oct. 27 close
|
| Market capitalization: | €883.78 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
