By Rebecca Melvin
New York, March 12 - Petroplus Holdings AG priced Wednesday $500 million of five-year bonds to yield 3.375%, with an initial conversion premium of 39%, according to a release.
The bonds priced towards the rich end of talk, which was for a yield of 3.25% and 3.75%, and ab initial conversion premium of 35% to 40%.
At the mid-point or better of talk, valuation was attractive for investors, according to a Barclays Bank convertibles research group research note.
There is an investor put at par after three years, and the bond is callable at par after three years subject to a 130% trigger, according to the note.
Petroplus Finance Ltd., a Bermuda subsidiary of Petroplus Holdings AG, was the issuer.
Proceeds will be used to fund a portion of the purchase price of the acquisition of the Petit Couronne and Reichstett Vendenheim refineries, and for general corporate purposes.
Petroplus Holdings, a Switzerland-based oil refiner, intends to list the bonds on the SWX Swiss Exchange.
| Issuer: | Petroplus Finance Ltd. (Petroplus Holdings AG)
|
| Issue: | Convertible bonds
|
| Amount: | $500 million
|
| Maturity: | 2013
|
| Coupon: | 3.375%
|
| Price: | Par
|
| Yield: | 3.375%
|
| Conversion premium: | 39%
|
| Conversion price: | CHF 85.18
|
| Price talk: | 3.25%-3.75%, up 35%-40%
|
| Call: | Non callable for three years
|
| Puts: | In year three
|
| Dividend protection: | Yes
|
| Pricing date: | March 12
|
| Settlement: | March 26
|
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