Artemis plans to price €600 million six-year exchangeable bonds to yield 3.25%, up 27%-32%

By Rebecca Melvin

New York, Sept. 7 -Artemis SA planned to price €600 million of six-year bonds exchangeable into shares of retail group PPR SA to yield 3.25% with an initial conversion premium of 27% and 32%, according to market sources.

There is a greenshoe for a further €90 million.

BNP Paribas, Credit Agricole Corporate and Investment Bank, Lazard-Natixis and Societe Generale are the joint lead managers and bookrunners of the Regulation S offering.

The bonds are callable subject to a call trigger at 130% of the accreted early redemption price. The issuer may redeem the bonds in cash or shares based on a forward looking average.

There is change-of-control and dividend protection.

Application will be made to list the bonds on the Euro MTF Market of the Luxembourg Stock Exchange.

Paris-based Artemis is a privately held holding company of billionaire Francois Pinault.

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