Orpea talks €500 million eight-year Oceanes to yield 0.375%-0.875%, up 42.5%-47.5%

By Abigail W. Adams

Portland, Me., May 14 – Orpea plans to price €500 million of eight-year convertible notes in the Oceanes structure with price talk for a coupon at 0.375% to 0.875% and an initial conversion premium of 42.5% to 47.5%, according to a company news release.

BNP Paribas, Credit Agricole CIB, Natixis and Societe Generale are joint global coordinators for the offering, which will be marketed to institutional investors in accordance with the French monetary and financial code.

The Oceanes are callable on or after June 9, 2025 subject to a 130% hurdle. They are putable upon a fundamental change.

Proceeds will be used for general corporate purposes, including extending the maturity profile of its debt.

Orpea is a Paris-based long-term care facility operator.

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