Nexans greenshoe fully exercised, lifting 4% Oceane to €212.6 million

By Devika Patel

Knoxville, Tenn., June 19 - Underwriters for Nexans' offering of 4% 6.5-year convertible bonds in the Oceane structure exercised their over-allotment option in full for €22.6 million more of the bonds, increasing the size of the issue to €212.6 million, the company announced in a press release.

As previously reported, the company sold the notes at par of €53.15 on June 15 in a Regulation S offering via bookrunner BNP Paribas Securities Corp.

The notes have an initial conversion premium of 30% and a conversion price of €40.89.

Holders can put the bonds on Jan. 1, 2015.

Proceeds are for general corporate purposes, including financing medium- and long-term growth and reinforcing the company's financial flexibility, including lengthening debt maturities, the first of which occurs in late 2012.

Paris-based Nexans is a cable maker for the energy, transport and telecommunications industries.

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