New York, Dec. 13 - Parpública - Participações Públicas (SGPS), SA priced a €1,015,150,000 offering of bonds due 2014 exchangeable into shares of EDP - Energias de Portugal, SA to yield 3.25% with an approximately 48.2% initial exchange premium.
The deal came within talk for a fixed coupon of 2.75% to 3.25% and an initial exchange premium of 45% to 50%.
Caixa - Banco de Investimento and Morgan Stanley are the joint bookrunners.
There is an investor put after five years. The bonds are exchangeable from Dec. 18, 2013 to Dec. 11, 2014. Parpublica can deliver cash instead of stock at its option.
The shares underlying the bonds represent 4.144% of EDP's share capital.
The company also said that holders of bonds due 2010 that were issued on Dec. 16, 2005 and are exchangeable into shares of EDP may exchange those existing bonds for new bonds.
Parpublica's primary responsibility is to act as the vehicle for holding and managing Portugal's shareholdings. It is based in Lisbon.
Lisbon-based EDP is Portugal's largest electricity company and supplies natural gas in Portugal and Spain. It also has electricity operations in Brazil.
| Issuer: | Parpública - Participações Públicas (SGPS), SA
|
| Issue: | Exchangeable bonds
|
| Underlying stock: | EDP - Energias de Portugal, SA
|
| Amount: | €1,015,150,000
|
| Maturity: | Dec. 18, 2014
|
| Coupon: | 3.25%
|
| Initial exchange premium: | 48.2%
|
| Exchange price: | €6.70
|
| Put: | Dec. 18, 2012
|
| Bookrunners: | Caixa - Banco de Investimento, Morgan Stanley
|
| Pricing date: | Dec. 13, after close
|
| Settlement: | Dec. 18
|
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