By Abigail W. Adams
Portland, Me., Nov. 30 – Pierre et Vacances priced €100 million in convertible bonds due 2023 in the Ornanes structure to yield 2% with an initial conversion premium of 32.5% after market close on Thursday.
Pricing came at the wide end of talk for a coupon of 1.25% to 2% and at the mid-point of talk for an initial conversion premium of 30% to 35%.
BNP Paribas, Crédit Agricole Corporate and Investment Bank and Natixis are joint global coordinators and bookrunners for the deal, according to a company release.
Holders of the convertible bonds may convert them into company stock until May 25, 2021 under certain conditions and at any time afterwards.
If the conversion value is lower than or equal to par, there will be cash settlement, according to a company release. If the conversion value is greater than par, the company may choose to issue new shares or settle the bonds with existing shares or a combination.
There is takeover protection.
The bonds are callable under certain conditions and from May 25, 2021 until maturity subject to a 130% hurdle.
Proceeds will be used to repurchase up to €55,013,976 of the company’s outstanding 3.5% convertible bonds due 2019 and for general corporate purposes.
The bookrunners for the new issuance are also coordinating the reverse bookbuilding process to repurchase the outstanding convertible bonds.
The company anticipates the 2% convertible notes due 2023 will be traded on Euronext Access.
Pierre et Vacances is a Paris, France-based real estate and tourism company.
| Issuer: | Pierre et Vacances
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| Securities: | Net share settled convertible bonds (Ornanes)
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| Amount: | €99,999,994.87
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| Maturity: | April 1, 2023
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| Bookrunners: | BNP Paribas, Crédit Agricole Corporate and Investment Bank, and Natixis
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| Coupon: | 2%
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| Price: | Par
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| Conversion premium: | 32.5%
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| Conversion price: | €60.67
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| Conversion rate: | 1
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| Call options: | From May 25, 2021 subject to a 130% hurdle
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| Put options: | Upon a fundamental change
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 6
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| Talk: | 1.25% to 2% coupon, 30% to 35% initial conversion premium
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| Stock symbol: | EPA: VAC
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| Stock price: | €46.42 as of Nov. 30 close
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| Market capitalization: | €455 million
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