New Issue: Nexans €120 million convertibles yield 3.125%, up 30%

New York, July 6 - Nexans priced €120 million of convertible bonds in the Oceanes structure to yield 3.125% with a 30% initial conversion premium.

The deal priced richer than talk which put the yield at 3.375% to 3.875% with a 25% to 30% initial conversion premium.

BNP Paribas and Goldman Sachs International were bookrunners for the deal, which was only publicly offered in France.

Nexans, a Paris-based cable manufacturer, said proceeds will be used for general corporate purposes, particularly for acquisitions and to extend debt maturities.

Issuer:	Nexans
Issue:	Oceanes convertible bonds
Amount:	€120 million
Greenshoe:	€15 million
Maturity:	Jan. 1, 2010
Coupon:	3.125% (short first coupon)
Price:	Par of €38
Yield:	3.125%
Conversion premium:	30%
Conversion price:	€38
Conversion ratio:	1
Call:	Jan. 1, 2008 onwards subject to 130% hurdle
Rating:	S&P: BBB-
Bookrunners:	BNP Paribas, Goldman Sachs International
Pricing date:	July 6, after close
Settlement date:	July 15
Price talk:	Yield: 3.375%-3.875%
	Initial conversion premium: 25%-30%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.