Artemis €450 million bonds exchangeable for Bouygues talked at 5.25-5.75% yield, up 45%

By Ronda Fears

Nashville, May 22 - Artemis, the holding company for Pinault Printemps Redoute SA, on Thursday launched a €450 million bond exchangeable into Bouygues SA shares with talk putting the yield at 5.25% to 5.75% with a 45% initial conversion premium.

The 1.5% coupon bond would be redeemed at a price between 120.85 and 123.87.

The Regulation S issue, via joint lead managers BNP Paribas, Credit Agricole Indosuez-Lazard and JPMorgan, was scheduled to price at the close of the European markets Thursday.

The five-year bond is non-callable for four years, then with a 130% hurdle.

There is a €50 million greenshoe available.

Deutsche Bank Securities put the issue 2.35% cheap at the midpoint of guidance, using a credit spread of 500 basis points over Libor and a 40% stock volatility.

Bouygues shares closed in Paris up €0.03, or 0.13%, to €22.32.

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