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Nexity talks up to 270 million seven-year Oceanes to yield 0.375%-0.875%, up 40%-45%
By Abigail W. Adams
Portland, Me., April 13 Nexity plans to price up to 270 million of seven-year notes in the Oceane structure on Tuesday with price talk for a yield of 0.375% to 0.875% and an initial conversion premium of 40% to 45%, according to a company news release.
BNP Paribas, Credit Agricole CIB and J.P. Morgan AG are joint global coordinators and bookrunners for the offering.
The base amount for the offering is 240 million with the option to increase the allocation to 270 million.
The notes are non-callable until May 12, 2025 and then subject to a 130% hurdle. They are also subject to a clean-up call.
Proceeds will be used to repurchase part or all of the 270 million outstanding of the companys Oceanes due 2023.
The 2023 Oceanes will be repurchased at a price of between 66.60 and 66.90.
Nexity is a Paris-based real estate group.
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