Pierre et Vacances greenshoe lifts 4% convertibles to €115 million

By Melissa Kory

Cleveland, Jan. 27 - Pierre et Vacances - Center Parcs Group said that its underwriters exercised in full their over-allotment option, lifting the offering of 4% convertible bonds due Oct. 1, 2015 to €114,999,933, or 1,507,010 bonds.

Pierre et Vacances priced €100 million of the 4.75-year convertible bonds in the Oceane structure on Tuesday at par to yield 4% with an initial conversion premium of 25%.

Joint bookrunners and lead managers for the offering were Crédit Agricole Corporate and Investment Bank and Société Générale Corporate & Investment Banking.

HSBC and Lazard-Natixis acted as co-lead managers.

The expected settlement date is Feb. 2.

Based in Paris, Pierre et Vacances is an operator of vacation residences.

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