By Rebecca Melvin
New York, July 9 - Orpea Group priced about €172.5 million of 6.5-year convertible bonds at par to yield 1.75% with an initial conversion premium of 27% over Orpea's reference share price on the NYSE Euronext in Paris, according to a news release.
There is an over-allotment option for up to €27.5 million additional bonds granted to joint bookrunners Credit Agricole CIB, Natixis and Societe Generale CIB.
The nominal value of the Regulation S bonds is set at €46.56.
Concurrently with the bond issue, the company plans to set up a repurchase of the redeemable equity warrants giving right to either subscribe or purchase shares issued in August 2009 and due August 2015.
Proceeds of the convertibles issue will be used to repay banking credit lines.
The bonds have takeover protection and net share settlement.
Paris-based Orpea owns and operates health care facilities in Europe.
| Issuer: | Orpea Group
|
| Issue: | Convertible bonds
|
| Amount: | €172.5 million
|
| Greenshoe: | €27.5 million
|
| Maturity: | Jan. 1, 2020
|
| Joint bookrunners: | Credit Agricole CIB, Natixis, Societe Generale CIB
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Yield: | 1.75%
|
| Conversion premium: | 27%
|
| Conversion price: | €46.56
|
| Takeover protection: | Yes
|
| Net share settlement: | Yes
|
| Pricing date: | July 9
|
| Settlement date: | July 17
|
| Distribution: | Regulation S
|
| Stock symbol: | Euronext Paris: ORP
|
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