By Kenneth Lim
Boston, Oct. 20 - Hungary's OTP Bank plc on Thursday priced €514.274 million of perpetual exchangeable bonds at a coupon of 3.95% for the first 10 years and an initial exchange premium of 32%.
The bonds were sold through Opus Securities SA at HUF 9,345.60 apiece, and every bond is exchangeable into one common share of OTP Bank. The coupon is fixed for the first 10 years, after which it will be pegged at three-month Euribor plus 300 basis points.
Merrill Lynch International was the bookrunner of the Regulation S offering.
The bonds may be redeemed at face value after the 10th year.
The exchangeables will be listed in Luxembourg.
OTP, a Budapest-based bank, said it will use the proceeds to partially finance its acquisition of Investerbank and Raiffeisenbank Ukraine.
| Issuer: | Opus Securities SA
|
| Issue: | Exchangeable bonds
|
| Bookrunner: | Merrill Lynch International
|
| Amount: | €514.274 million
|
| Maturity: | Perpetual
|
| Coupon: | 3.95% for the first 10 years, thereafter 3-month Euribor plus 300bps
|
| Price: | Par of €35.47
|
| Conversion premium: | 32%
|
| Conversion price: | HUF 9,345.60
|
| Conversion ratio: | 1
|
| Call protection: | Non-callable 10 years
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 31
|
| Distribution: | Regulation S
|
| Listing: | Luxembourg Stock Exchange
|
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