By Rebecca Melvin
Princeton, N.J., March 29 - Liechtensteinische Landesbank AG priced CHF 270 million five-year convertibles at par to yield 1.65% with an initial conversion premium of 26%, according to a syndicate source.
UBS Investment Bank and Liechtensteinische Landesbank (Schweiz) AG were joint lead managers for the foreign currency convertible senior bonds.
The bonds are non-callable for three years and callable thereafter at 130% of the conversion price. There are no puts.
The bond is subject to federal Swiss taxes. For private investors residing in Switzerland, the coupon and increase in the value of the theoretical bond floor between issuance and conversion or redemption will be subject to Swiss Federal Income Tax.
Liechtensteinische Landesbank is a financial company based in the principality of Lichtenstein.
| Issuer: | Liechtensteinische Landesbank AG
|
| Issue: | Foreign currency convertible senior bonds
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| Bookrunners: | UBS Investment Bank and Liechtensteinische Landesbank (Schweiz) AG
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| Amount: | CHF 270 million
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| Maturity: | April 12, 2011
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| Call features: | Non-callable for three years, then at 130% of conversion price
|
| Coupon: | 1.65%
|
| Price: | Par
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| Yield: | 1.65%
|
| Conversion premium: | 26%
|
| Conversion price: | CHF 1,178.45
|
| Pricing date: | March 29
|
| Settlement date: | April 12
|
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