By Rebecca Melvin
New York, May 20 – America Movil SAB de CV priced an upsized €3 billion of five-year 0% bonds exchangeable into shares of Koninklijke KPN NV, with an initial conversion premium of 45%, according to a news release.
The Regulation S deal was initially talked at €2.25 billion in size with a €225 million upsize option.
Pricing came at the rich end of talk, which was for a 0% to 0.5% coupon and a 40% to 45% premium.
Deutsche Bank AG, London branch and Barclays Bank plc were the joint bookrunners.
The bonds are non-callable for 2.5 years and then are provisionally callable if shares exceed 130% of the conversion price.
The company plans to list the bonds on an internationally recognized stock exchange.
America Movil is a Mexico City-based telecommunications company.
KPN is a Netherlands-based telecommunications company.
| Issuer: | America Movil SAB de CV
|
| Issue: | Exchangeable bonds
|
| Exchange entity: | Koninklijke KPN NV
|
| Amount: | €3 billion, increased from €2.25 billion
|
| Maturity: | May 28, 2020
|
| Bookrunners: | Deutsche Bank AG London branch, Barclays Bank plc
|
| Co-managers: | Banca IMI SpA, Citigroup Global Markets
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Exchange premium: | 45%
|
| Exchange ratio: | €4.9007 shares
|
| Calls: | Non-callable for 2.5 years and then provisionally callable at 130% price hurdle
|
| Pricing date: | May 20
|
| Settlement date: | May 28
|
| Distribution: | Regulation S
|
| Price talk: | 0%-0.5% coupon, up 40%-45%
|
| Stock symbol: | Amsterdam: KPN
|
| Stock reference price: | €3.3798
|
© 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.
