By Rebecca Melvin
New York, Feb. 23 - Intercell AG priced an upsized €33 million of three-year senior unsecured convertible notes at par to yield 6% with an initial conversion premium of 20% over the volume weighted average price of the company's shares on the Vienna Stock Exchange Tuesday, according to a news release.
The premium is 18.4% over the closing share price on Tuesday.
The private offering to institutional investors was initially going to be €30.8 million in size but was increased due to investor demand, the release said.
Erste Group Bank AG managed the deal, which gives the original investors the right to purchase an additional €33 million of notes on the same terms for a period of 12 months following the closing and an additional €16.5 million of notes for 18 months following the closing.
Vienna-based Intercell develops vaccines for the prevention and treatment of infectious diseases. It is listed on the Vienna stock exchange under symbol ICL.
| Issue: | Intercell AG
|
| Issue: | Convertible senior notes
|
| Amount: | €33 million, increased from €30.8 million
|
| Greenshoe: | For original investors, €33 million for 12 months following closing and additional €16.5 million for 18 months following closing
|
| Underwriter: | Erste Group Bank AG
|
| Maturity: | March 15, 2014
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Initial conversion premium: | 20% over VWAP, 18.4% over closing share price on Feb. 22
|
| Conversion price: | €11.43
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 15
|
| Stock symbol: | Vienna: ICL
|
| Stock reference price: | €9.65 as of Feb. 22 close
|
| Market capitalization: | €469 million
|
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