Pierre et Vacances greenshoe ups 3.5% convertibles to €115 million

By Jennifer Chiou

New York, Feb. 5 - Pierre et Vacances announced the full exercise of the €15 million greenshoe, bringing its issue of 5.75-year convertible bonds to €115 million total.

According to a press release, the bonds priced at par of €36.42 on Tuesday to yield 3.5% with an initial conversion premium of 30%.

Settlement is anticipated on Feb. 12.

As reported, pricing of the Regulation S deal came at the tight end of talked terms, which was for a coupon of 2.75% to 3.5% and an initial conversion premium of 30% to 35%.

The joint bookrunners were BNP Paribas, Credit Agricole CIB and Natixis.

The net-share settled bonds are non-callable until Nov. 20, 2017 and then provisionally callable if shares exceed 130% of the conversion price.

Proceeds will be used to partially refinance existing debt of the company, including repurchase of 83.2% of its Oceane-structured convertibles due Oct. 1, 2015 via a reverse bookbuilding process at a unit price of €80. Remaining proceeds are earmarked for general corporate purpose.

Application has been made to list the bonds for trading on Euronext Paris.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.