Nexity to price €225 million of 2023 convertibles talked to yield 0.125%-0.625%, up 30%-35%

By Rebecca Melvin

New York, May 10 – Nexity launched an offering of about €225 million of convertible bonds due 2023 early Tuesday for pricing later in the session.

The securities are talked with an annual interest rate of 0.125% to 0.625% and an initial premium of 30% to 35% over Nexity’s reference share price on the Euronext in Paris on Tuesday, according to a news release.

Concurrently with the Regulation S offering of convertibles in the Oceanes structure, Nexity is offering to repurchase its 0.625% Oceanes due 2020, which priced in 2014.

The new issue and the repurchase offer may not be completed if indications of interest from holders of the Oceanes priced in 2014 are less than 50% of the €180 million issue outstanding.

Joint bookrunners of the offering and repurchase are Societe Generale CIB, Credit Agricole CIB and JPMorgan.

The new Oceanes will be issued at par on May 13 and mature Jan. 1, 2023. They may be redeemed early if shares exceed 130% of the conversion price and under certain other conditions.

Application is being made to list the new Oceanes on the open market of Euronext Paris.

Nexity is a Paris-based real estate development company.

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