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Nexity talks €180 million seven-year net-share settled convertible bonds at 0%-0.375%, up 30%-37.5%
By Abigail W. Adams
Portland, Me., Feb. 27 – Nexity plans to price €180 million of seven-year net-share settled convertible bonds after the market close Tuesday with price talk for a coupon of 0% to 0.375% and an initial conversion premium of 30% to 37.5%, according to a company news release.
The bonds are contingently convertible until April 23, 2022 and then freely convertible at any time up to the 35th trading day prior to maturity, which is Jan. 13, 2025.
The bonds are non-callable until April 23, 2022 then callable subject to a 130% hurdle. Holders may request an early redemption upon a change of control.
Holders will receive cash upon conversion of the bonds if the conversion value is lower than or equal to the par value of the bond.
Holders will receive cash, shares, or a combination of both, at the company’s option, if the conversion value is greater than the par value of the bond.
The conversion value will be equal to the product of the conversion ratio, initially set at 1 share per bond, on the last trading day of the calculation period and the average daily volume-weighted trading price of the company’s share over the calculation period.
Upon conversion, the company may deliver new or existing shares. New shares issued will bear dividend rights, according to a company news release.
Nexity has agreed to a lock-up for 90 days from the issue date. The bonds will be listed on Euronext Access within 30 days of the issue date.
Nexity is a Paris-based real estate development company and provider of related services.
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