New York, April 27 - Linde AG priced €550 million of convertible senior unsecured notes Tuesday to yield 1.25% with a 22.5% initial conversion premium.
The deal priced with a yield within talk of 1% to 1.35% and an initial conversion premium at the rich end of talk of 22.5% to 27.5%.
Dresdner Kleinwort Wasserstein and Société Générale were joint bookrunners for the deal, which was offered to institutional investors outside the United States, Canada and Japan.
The convertibles have a five-year maturity. They are non-callable for three years and after that subject to a 120% trigger.
The deal has a €50 million over-allotment option.
Linde sold the securities through its Linde Finance BV subsidiary.
"This offering allows Linde to benefit from current opportunities in the convertible market," said Hero Brahms, Linde's chief financial officer, in a news release.
Linde, a Wiesbaden, Germany, engineering company, will use proceeds to "optimize its debt structure and financing terms."
| Issuer: | Linde Finance BV (Linde AG)
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| Issue: | Convertible senior unsecured notes
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| Amount: | €550 million
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| Greenshoe: | €50 million
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| Maturity: | May 5, 2009
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| Coupon: | 1.25%
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| Price: | Par
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| Yield: | 1.25%
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| Initial conversion premium: | 22.5%
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| Conversion price: | €56.482
|
| Call: | After three years, subject to 120% trigger
|
| Bookrunners: | Dresdner Kleinwort Wasserstein, Société Générale
|
| Pricing date: | April 27, after close
|
| Rating: | Moody's: A3
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