By Susanna Moon
Chicago, Nov. 11 - Arques Industries AG said its executive board decided to sell a €23.8 million 9% subordinated and non-secured convertible bond due Dec. 31, 2012.
The convertible consists of up to 11,900,001 partial debenture registered shares with equal rights at par of €2.00 each.
The settlement date is Dec. 1.
The company has the right to convert the bond into shares on June 30, 2011, Dec. 31, 2011 and June 30, 2012.
If the company forgoes its conversion rights, the bond will be converted into shares at maturity.
The conversion price will be between 100% and 115% of the reference quotation, depending on the arithmetical average of the closing price of the shares in the Xetra trade on the Frankfurt Stock Exchange for the 20 trading days before the conversion date.
Arques' shareholders will be granted a subscription right. The company offers its shareholders the subscription of the partial debentures at a subscription ratio of 10 to 3.
The company said it is selling the bond in order to further stabilize its liquidity.
The company's supervisory board has indicated its approval of this resolution, according to a company press release.
Arques is an equity investment company focusing on the restructuring of companies in transitional situations. It is based in Starnberg, Germany.
| Issuer: | Arques Industries AG
|
| Issue: | Mandatory convertible bond
|
| Amount: | €23.8 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 9%
|
| Price: | Par of €2.00
|
| Yield: | 9%
|
| Call option: | Right to force conversion on June 30, 2011, Dec. 31, 2011 and June 30, 2012
|
| Pricing date: | Nov. 11
|
| Settlement date: | Dec. 1
|
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