By Rebecca Melvin
New York, June 25 - Abengoa SA successfully placed €200 million of five-year convertible notes at par Thursday to yield 6.875% with an initial conversion premium of 30%, according to a news release.
The Regulation S notes priced at the cheap end of talk, which was 6.125% to 6.875%, with an initial conversion premium of between 30% and 35% above the volume weighted average share price of the issuer's ordinary shares between launch and pricing.
BNP Paribas and Deutsche Bank AG are acting as joint bookrunners and joint lead managers of the offering.
The conversion price has been set at €21.12 per share.
Proceeds are for general corporate purposes and to fund organic growth, strengthen its balance sheet and diversify funding sources.
The notes will be non-callable for three years and provisionally callable thereafter at a price hurdle of 130%. The notes will be net share settled.
Closing is expected on or about July 24.
Abengoa intends to list the notes on the Luxembourg Stock Exchange's Euro MTF market.
Sevilla, Spain-based Abengoa is an industrial and technology group.
| Issuer: | Abengoa SA
|
| Issue: | Convertible notes
|
| Amount: | €200 million
|
| Maturity: | 2014
|
| Bookrunners: | BNP Paribas and Deutsche Bank AG
|
| Coupon: | 6.875%
|
| Price: | Par
|
| Yield: | 6.875%
|
| Conversion premium: | 30%
|
| Conversion price: | €21.12
|
| Price talk: | 6.125%-6.875%, up 30%-35%
|
| Call: | Non-callable for three years, then provisionally callable subject to 130% price hurdle
|
| Pricing date: | June 25
|
| Settlement date: | July 24
|
| Distribution: | Regulation S
|
| Stock symbol: | ABG.I-CHX
|
| Stock price: | €16.25
|
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