By Rebecca Melvin
New York, July 3 - Heidelberger Druckmaschinen AG priced €60 million of four-year convertible bonds at par of €100,000 to yield 8.5% with an initial conversion premium of 36%, according to a news release.
The Regulation S offering came at the cheap end of talk, which was for a 7.5% to 8.5% coupon.
The initial conversion price is €2.62, and the bonds will be convertible into up to 22,900,763 shares, or 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, Germany-based company makes printing equipment.
| Issuer: | Heidelberger Druckmaschinen AG
|
| Issue: | Convertible bonds
|
| Amount: | €60 million
|
| Maturity: | Mid-2017
|
| Bookrunners: | BofA Merrill Lynch and MainFirst Bank AG
|
| Coupon: | 8.5%
|
| Price: | Par, €100,000
|
| Yield: | 8.5%
|
| Conversion premium: | 36%
|
| Conversion price: | €2.62
|
| Price talk: | 7.5%-8.5% coupon
|
| Pricing date: | July 3
|
| Settlement date: | July 10
|
| Stock symbol: | Frankfurt: HDD
|
| Stock reference price: | €1.92, at close July 2
|
| Distribution: | Regulation S
|
| Market capitalization: | €429 million
|
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