By Rebecca Melvin
New York, Sept. 9 - Petroplus Finance Ltd., a subsidiary of Petroplus Holdings AG, priced an offering of $150 million of six-year convertible senior notes at par to yield 4% with an initial conversion premium of 35%, according to a news release.
The Regulation S offering priced at the rich end of talk, which was for a coupon of 4% to 4.5%, with an initial conversion premium of 30% to 35%.
Deutsche Bank and Morgan Stanley were joint global coordinators and bookrunners, with Credit Suisse also acting as a joint bookrunner.
Proceeds will be used to repurchase a portion of the company's outstanding $500 million of 3.375% convertible bonds due 2013 through a tender offer, which is expected to begin on Friday.
The Switzerland-based oil refiner also planned to price an offering of $400 million of senior straight notes and an equity offering with subscription rights to existing shareholders.
The equity offering subscription ratio has been set at one new share for every four existing shares, which implies an issuance of 17.265 million new shares from existing authorized capital at a subscription price of CHF 16.90 per new share. The equity raise is fully underwritten and expected to raise about CHF 290 million.
The capital markets transactions are aimed at enhancing short- and long-term liquidity, the company said.
| Issuer: | Petroplus Finance Ltd.
|
| Issue: | Convertible senior notes
|
| Joint lead managers: | Deutsche Bank, Morgan Stanley and Credit Suisse
|
| Amount: | $150 million
|
| Maturity: | 2015
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 35%
|
| Conversion price: | CHF 33.17
|
| Price talk: | 4% to 4.5%, up 30% to 35%
|
| Pricing date: | Sept. 9
|
| Distribution: | Regulation S
|
| Stock symbol: | SIX: PPHN
|
| Stock reference price: | CHF 24.5711
|
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