Heidelberger Druck to sell up to €58.6 million seven-year convertibles at 5.5%-6.5%, up 25%-30%

By Rebecca Melvin

New York, March 25 – Heidelberger Druckmaschinen AG plans to price up to €58.6 million of seven-year convertible bonds on Wednesday that are talked to yield 5.5% to 6.5% with an initial conversion premium of 25% to 30%, according to a news release.

The bonds are non-callable until April 20, 2018 and then are provisionally callable if shares exceed 130% of the conversion price. Holders can put the bonds on March 30, 2020.

Deutsche Bank, BNP Paribas, Commerzbank and LBBE are joint bookrunners and joint lead managers of the Regulation S deal.

Proceeds will be used to partially redeem an outstanding high-yield bond.

The company plans to list the bonds on the open market of the Frankfurt Stock Exchange.

The Heidelberg, Germany-based company makes printing equipment.

© 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.