New York, Dec. 17 - OMV AG priced €550 million of convertible bonds to yield 1.5% with a 40% initial conversion premium.
The deal priced with a yield in the middle of talk of 1.25% to 1.75% and at the rich end of 35% to 40% talk for the conversion premium.
Deutsche Bank was the bookrunner for the deal, which was not publicly offered in the United States.
OMV is a Vienna, Austria, oil and gas company.
| Issuer: | OMV AG
|
| Issue: | Convertible bonds
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| Amount: | €550 million (1.794 million bonds)
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| Maturity: | 4 years
|
| Coupon: | 1.5%
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| Price: | Par of €306.60
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| Yield: | 1.5%
|
| Conversion premium: | 40%
|
| Conversion price: | €306.60
|
| Conversion ratio: | 1
|
| Call: | 2 years onwards subject to 125% hurdle
|
| Bookrunner: | Deutsche Bank
|
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