By Abigail W. Adams
Portland, Me., April 13 Nexity priced 240 million of seven-year notes in the Oceane structure on Tuesday at par with a coupon of 0.875% and an initial conversion premium of 35%, according to a company news release.
Pricing came at the cheap end of talk for a yield of 0.375% to 0.875% and cheaper than talk for an initial conversion premium of 40% to 45%.
BNP Paribas, Credit Agricole CIB and J.P. Morgan AG were joint global coordinators and bookrunners for the offering.
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 270 million of the companys Oceanes due 2023 at a price of 66.90.
Nexity is a Paris-based real estate group.
| Issuer: | Nexity
|
| Securities: | Oceane
|
| Amount: | 240 million
|
| Maturity: | April 19, 2028
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB and J.P. Morgan AG
|
| Coupon: | 0.875%
|
| Price: | Par
|
| Yield: | 0.875%
|
| Conversion premium: | 35%
|
| Conversion price: | 59.81
|
| Conversion rate: | 1
|
| Call options: | Non-callable until May 12, 2025 and then subject to a 130% hurdle
|
| Pricing date: | April 13
|
| Settlement date: | April 19
|
| Talk: | Yield of 0.375% to 0.875% and initial conversion premium of 40% to 45%
|
| Stock symbol: | EPA: NXI
|
| Stock price: | 44.28 at close April 13
|
| Market capitalization: | 2.49 billion
|
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