By Rebecca Melvin
New York, May 20 Ablynx NV launched and priced 100 million of five-year convertible bonds at 100,000 par on Wednesday to yield 3.25% with an initial conversion premium of 26.5%, according to a news release.
Pricing came at the midpoint of talk for a 3% to 3.5% coupon and 23% to 30% premium above the reference price of the shares on the Brussels stock exchange on Wednesday.
The bonds were placed through an accelerated bookbuilding process via BofA Merrill Lynch and J.P. Morgan Securities plc, acting as joint lead managers.
The bonds are non-callable for three years and then provisionally callable if shares exceed 130% of the conversion price.
Proceeds will be used to accelerate development of the companys proprietary clinical pipeline, initiate pre-commercial activities and to advance earlier stage wholly owned product candidates into the clinic.
Application is being made to list the bonds on the open market of the Frankfurt Stock Exchange.
Ablynx is a Ghent, Belgium-based biopharmaceutical company.
| Issuer: | Ablynx NV
|
| Issue: | Convertible bonds
|
| Amount: | 100 million
|
| Maturity: | May 27, 2020
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities plc
|
| Coupon: | 3.25%
|
| Price: | Par, 100,000
|
| Yield: | 3.25%
|
| Conversion premium: | 26.5%
|
| Conversion price: | 12.93
|
| Calls: | Non-callable for three years and then provisionally callable at 130% price hurdle
|
| Pricing date: | May 20
|
| Settlement date: | May 27
|
| Distribution: | Regulation S
|
| Price talk: | 3%-3.5%, up 23%-30%
|
| Stock symbol: | Brussels: ABLX
|
| Stock reference price: | 10.2219
|
| Stock price: | 10.50 per share as of close May 20
|
| Market capitalization: | 551.9 million
|
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