By Rebecca Melvin
New York, July 6 Nyrstar NV launched and priced 115 million of six-year convertible bonds at par on Wednesday to yield 5% with an initial conversion premium of 27% above the volume-weighted average price of ordinary shares between launch and pricing, according to a company news release.
Pricing of the Regulation S deal came the cheap end of talk for a 4.5% to 5% coupon and a 27% and 35% premium.
There is 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 companys 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.
| Issuer: | Nyrstar NV
|
| Issue: | Convertible bonds
|
| Amount: | 115 million
|
| Greenshoe: | 35 million
|
| Maturity: | June 2022
|
| Joint bookrunners: | Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, and J.P. Morgan Securities plc
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Initial conversion premium: | 27%
|
| Initial conversion price: | 9.60
|
| Price talk: | 4.5%-5%, up 27%-35%
|
| Pricing date: | July 6
|
| Settlement date: | July 11
|
| Distribution: | Regulation S
|
| Stock symbol: | Brussels: NYR
|
| Stock price: | 7.55 as of close July 6
|
| Market capitalization: | 706.32 million
|
© 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.
