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Heidelberger Druck talks up to €60 million four-year convertibles to yield 7.5%-8.5%
By Rebecca Melvin
New York, July 2 - German printing equipment maker Heidelberger Druckmaschinen AG planned to price up to €60 million of four-year convertible bonds with €100,000 par that were talked to yield 7.5% to 8.5% and with an initial conversion premium of about 38%, according to a news release.
The initial conversion price of the Regulation S offering has been set at €2.62. The bonds will be convertible into up to 22,900,763 shares, corresponding to 9.8% of the current share capital of the company. The bonds will be callable under certain circumstances.
BofA Merrill Lynch and MainFirst Bank AG were acting as joint bookrunners and joint lead managers.
Proceeds will be used for general corporate purposes.
The company plans to list the bonds on the open market of the Frankfurt Stock Exchange.
The Heidelberg-based company makes printing equipment.
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