By Rebecca Melvin
New York, June 20 – Orange SA has priced £517 million of 0.375% four-year bonds exchangeable into BT Group plc shares at an initial conversion premium of 35%, according to a news release.
Concurrently, Orange sold 133 million of BT shares, of which about 64 million were sold to institutional investors and 69 million were acquired by BT for 288p each.
The exchangeable will be issued on June 27. They are expected to be listed for trading on the Marche Libre d’Euronext Paris, and holders may exercise their exchange right from Aug. 7.
Settlement may be in cash, shares or a combination of cash and shares.
Proceeds will be used for general corporate purposes.
Orange is a telecommunications company based in Paris.
BT Group is a telecommunications company based in London.
| Issuer: | Orange SA
|
| Amount: | £517 million
|
| Description: | Exchangeable bonds
|
| Maturity: | June 27, 2021
|
| Concurrent deal: | 133 million shares of BT stock at 288p per share
|
| Coupon: | 0.375%
|
| Price: | Par
|
| Initial conversion premium: | 35%
|
| Initial conversion price: | 389p
|
| Announcement date: | June 20
|
| Settlement date: | June 27
|
| Reference stock price: | 288p
|
© 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.
