By Rebecca Melvin
New York, Nov. 1 - NH Hoteles SA priced €250 million five-year convertible bonds which, together with the proceeds of €250 million of six-year senior straight notes and a €200 million syndicated loan, will be used to amortize its obligations under the 2012 syndicated loan and other financial operations, according to a company news release.
Initially, the Regulation S convertible bond offering was seen at a €200 million base deal and a €75 million greenshoe. The deal priced with a 4% coupon and a 30% initial conversion premium, which was at the rich end of talk for a 4% to 4.5% coupon and 25% to 30% premium.
Both the convertible bonds and straight bonds were sold to qualified international investors.
Barclays, BNP Paribas and Morgan Stanley arranged the convertible bond issue. A listing on the Open Market of the Frankfurt stock exchange is expected.
"NH Hoteles has restructured its debt with three major operations that allow it to cover its financial commitments with a more flexible framework while implementing its new business plans," the company said in its news release.
NH Hoteles is a Spanish-based hotel chain with headquarters in Madrid.
| Issuer: | NH Hoteles SA
|
| Issue: | Convertible bonds
|
| Amount: | €250 million
|
| Maturity: | November 2018
|
| Bookrunners: | Barclays, BNP Paribas, Morgan Stanley
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 30%
|
| Pricing date: | Oct. 31
|
| Price talk: | 4%-4.5%, up 25%-30%
|
| Stock symbol: | Madrid: NHH
|
| Distribution: | Regulation S
|
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