Chicago, Feb. 24 – America Movil SAB de CV sold €2.1 billion of 0% senior bonds (BBB+/A-) exchangeable into ordinary shares of Koninklijke KPN NV through its wholly-owned Dutch subsidiary America Movil BV, according to a press release.
The three-year bonds are being issued at 104.75 with an annual yield to maturity of -1.53%.
Talk on the notes had the bonds coming with a 0% coupon and an issue price between 105.75 and 107.75 with a yield to maturity of -1.85% to -2.46%.
The premium was talked between 15% and 20%.
The bonds are exchangeable into Koninklijke ordinary shares at an initial exchange price of €3.1185, 15% above the reference price of €2.7117, the volume weighted average price of KPM shares on Euronext Amsterdam on Feb. 23.
The bonds can be redeemed from approximately 1.5 years after the issue date subject to a 125% hurdle.
The bonds can be settled in cash, shares of KPN or a combination of the two.
Citigroup Global Markets Europe AG is the global coordinator. Joining as bookrunners were BofA Securities Europe SA and Barclays.
Proceeds from the offering will be used for general corporate purposes.
America Movil is a Mexico City-based telecommunications company.
| Issuer: | America Movil BV
|
| Exchange entity: | Koninklijke KPN NV
|
| Securities: | Exchangeable bonds
|
| Amount: | €2.1 billion
|
| Maturity: | March 2, 2024
|
| Bookrunners: | Citigroup Global Markets Europe AG, BofA Securities Europe SA and Barclays
|
| Coupon: | 0%
|
| Price: | 104.75
|
| Yield: | -1.53%
|
| Conversion premium: | 15%
|
| Conversion price: | €3.1185
|
| Call option: | 1.5 years after issue date subject to 125% hurdle
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 2
|
| Distribution: | Regulation S
|
| Ratings: | S&P: BBB+
|
| Fitch: A-
|
| Stock symbol: | KPN.AS
|
| Stock price: | €2.7117 on Feb. 23
|
| Market cap: | €11.48 billion
|
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