New York, Feb. 24 - Hagemeyer NV said it priced an upsized €120 million of subordinated convertible bonds due 2012 to yield 3.5% with a 33% initial conversion premium.
The deal was increased from a planned amount of €110 million and priced at the rich end of talk, which put the coupon at 3.5% to 4.25% and the conversion premium at 28% to 33%.
ABN AMRO Rothschild was lead manager of the offering, which was not sold publicly in the United States.
The deal has a €15 million greenshoe.
Hagemeyer, a Naarden, Netherlands, supplier of electrical materials and safety and maintenance and repair products, will use proceeds to repay part of its senior debt. The company said the transaction will enhance its maturity profile, reduce interest costs and improve financial flexibility.
| Issuer: | Hagemeyer NV
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| Issue: | Subordinated convertible bonds
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| Amount: | €120 million
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| Greenshoe: | €15 million
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| Maturity: | 2012
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| Coupon: | 3.5%
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| Price: | Par
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| Conversion premium: | 33%
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| Conversion price: | €2.83
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| Call: | After 4 years subject to conditions
|
| Lead manager: | ABN AMRO Rothschild
|
| Pricing date: | Feb. 24
|
| Price talk: | 3.50%-4.25%, up 28%-33%
|
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