By Rebecca Melvin
New York, Oct. 8 - Indra Sistemas SA launched and priced €250 million of five-year convertible bonds Tuesday at €100,000 par to yield 1.75% with an initial conversion premium of 30%, according to a news release.
The Regulation S offering came at the cheap end of talk, which was for a 1.75% to 2.5% coupon and a 25% to 30% premium over the volume weighed average price of the underlying shares between launch and pricing.
Citigroup Global Markets Ltd. and J.P. Morgan Securities plc were the joint bookrunners with Banco Santander SA as a co-bookrunner and Natixis as a co-lead manager on the deal.
The bonds are non-callable for three years and then provisionally callable if the underlying shares exceed €130,000.
Proceeds will be used to extend the company's debt maturity profile.
Settlement of the convertibles is expected Oct. 17. The bonds are expected to be listed on the Freiverkehr of the Frankfurt Stock Exchange.
Indra Sistemas is a Spain-based information technology solutions and services company.
| Issuer: | Indra Sistemas SA
|
| Issue: | Convertible bonds
|
| Amount: | €250 million
|
| Maturity: | Oct. 17, 2018
|
| Bookrunners: | Citigroup Global Markets Ltd., J.P. Morgan Securities plc
|
| Co-bookrunner: | Banco Santander SA
|
| Co-lead manager: | Natixis
|
| Coupon: | 1.75%
|
| Price: | Par, €100,000
|
| Conversion premium: | 30%
|
| Conversion price: | €14.290
|
| Calls: | Non-callable until 2016, then provisionally callable at 130% price hurdle
|
| Price talk: | 1.75%-2.5%, up 25%-30%
|
| Distribution: | Regulation S
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 17
|
| Stock symbol: | Madrid: IDR
|
| Stock reference price: | €10.845 at close Oct. 8
|
| Market capitalization: | €1.78 billion
|
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