By Marisa Wong
Madison, Wis., June 27 – Aperam SA launched and priced an upsized $300 million of seven-year convertible and/or exchangeable bonds Friday at par to yield 0.625% with an initial conversion premium of 32.5% over the over the volume-weighted average price of shares on the NYSE Euronext Amsterdam exchange between launch and pricing, according to a news release.
The Regulation S offering included a $50 million extension clause in addition to the $250 million base deal.
Price talk was for a 0.5% to 1% coupon and 30% to 35% premium.
BNP Paribas and Citigroup Global Markets Ltd. acted as joint global coordinators and joint bookrunners.
The bonds are non-callable for four years and then are provisionally callable if shares exceed 130% of the conversion price. Holders can put the bonds on Jan. 8, 2019.
Proceeds will be used for general corporate purposes and refinancing of existing debt, including the company’s senior notes due 2016.
Settlement is slated for July 8.
Application will be made to list the bonds on the Open Market of the Frankfurt Stock Exchange.
Luxembourg-based Aperam is a stainless, electrical and specialty steel producer.
| Issuer: | Aperam SA
|
| Issue: | Convertible and/or exchangeable bonds
|
| Amount: | $300 million (upsized from $250 million)
|
| Maturity: | July 8, 2021
|
| Coupon: | 0.625%
|
| Price: | Par
|
| Yield: | 0.625%
|
| Conversion premium: | 32.5%
|
| Conversion price: | $43.92
|
| Bookrunners: | BNP Paribas and Citigroup Global Markets Ltd.
|
| Call option: | Non-callable until July 23, 2018, then provisionally callable at 130% price hurdle
|
| Put option: | On Jan. 8, 2019
|
| Price talk: | 0.25%-1%, up 30%-35%
|
| Stock reference price: | $33.15 (based on VWAP of €24.3453 and euro-to-dollar exchange rate of 1.3616)
|
| Pricing date: | June 27
|
| Settlement date: | July 8
|
| Stock symbol: | Amsterdam: APAM
|
| Stock price: | €24.28 at open June 27
|
| Market capitalization: | €935.82 million
|
| Distribution: | Regulation S
|
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