By Rebecca Melvin
New York, Oct. 13 - Neopost launched and priced €261 million of five-year and three-month convertible bonds in the Oceane structure Tuesday at par to yield 3.75% with an initial conversion premium of 30%, according to a news release.
The issue may be increased to a maximum amount of about €300 million of bonds.
The Regulation S issue priced at the rich end of talk, which was for a coupon of 3.75% to 4.5% and an initial conversion premium of 25% to 30% over Neopost's reference share price on Euronext Paris.
Calyon, Lazard-Natixis and Societe Generale Corporate & Investment Banking were joint lead managers and joint bookrunners.
Closing is expected by Oct. 21.
Proceeds are aimed at general financial needs, including development of leasing activity, diversifying financial resources and extending the company's debt maturity profile.
Paris-based Neopost is a manufacturer of postage meters and mailroom equipment.
| Issuer: | Neopost
|
| Issue: | Convertible Oceane bonds
|
| Amount: | €261 million
|
| Greenshoe: | €39 million
|
| Maturity: | Feb. 1, 2015
|
| Bookrunners: | Calyon, Lazard-Nataxis, Societe Generale Corporate & Investment Banking
|
| Coupon: | 3.75%
|
| Price: | Par
|
| Yield: | 3.75
|
| Conversion premium: | 30%
|
| Conversion price: | €82.81
|
| Price talk: | 3.75%-4.5%, up 25%-30%
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 21
|
| Distribution: | Regulation S
|
| Stock symbol: | Euronext Paris: NEO
|
| Stock reference price: | €63.70
|
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