By Rebecca Melvin
New York, Sept. 14 - Artemis SA priced €600 million of bonds due Jan. 1, 2016 that are exchangeable into shares of retail group PPR SA to yield 3.25% with an initial conversion premium of 31%, according to a market source.
The bonds came toward the rich end of talk for the premium, which was 27% and 32%, and at the talked price point for the coupon. Pricing occurred Friday.
There is a greenshoe for a further €90 million.
BNP Paribas SA, Credit Agricole Corporate and Investment Bank, Lazard-Natixis and Societe Generale SA were the joint 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.
| Issuer: | Artemis SA
|
| Issue: | Exchangeable bonds
|
| Exchange entity: | PPR SA
|
| Lead managers: | BNP Paribas SA, Credit Agricole CIB, Lazard Natixis and Societe Generale SA
|
| Amount: | €600 million
|
| Greenshoe: | €90 million
|
| Maturity: | Jan. 1, 2016
|
| Coupon: | 3.25%
|
| Price: | Par
|
| Yield: | 3.25%
|
| Conversion premium: | 31%
|
| Price talk: | 3.25%, up 27%-32%
|
| Change of control: | Yes
|
| Dividend protection: | Yes
|
| Distribution: | Regulation S
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 24
|
| Stock reference price: | €106.79
|
© 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.
