Nyrstar to price up to €150 million six-year convertibles to yield 4.5%-5%, up 27%-35%

By Rebecca Melvin

New York, July 6 – Nyrstar NV launched an offering of €150 million six-year convertible bonds that were expected to price at par late Wednesday with a coupon of between 4.5% to 5% and an initial conversion premium of between 27% and 35% above the volume-weighted average price of ordinary shares between launch and pricing, according to a company news release.

The Regulation S deal consists of a €115 million base deal and a €35 million increase option.

Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, and J.P. Morgan Securities plc are acting as joint bookrunners of the deal.

Proceeds will be used to extend the company’s debt maturity profile.

Closing and settlement are expected to take place July 11.

Application is being made to list the bonds on the Frankfurt Stock Exchange.

Holders of the bonds may put the bonds for 102% of the principal amount in cash if guarantees similar to existing company debt are not in place within 90 days.

Urion Holdings (Malta) Ltd., a subsidiary of Trafigura Group Pte. Ltd. and a shareholder of the company, intends to, directly or through affiliates, submit an order for an amount between €10 million to €15 million of the bonds.

Nyrstar is a Belgium-incorporated metals company with its corporate office in Switzerland. Shares are listed on Euronext Brussels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.