New York, Jan. 8 - Rallye priced €230 million convertible bonds in the Oceane structure to yield 5.5% with a 26% initial conversion premium.
Underwriters ABN AMRO Rothschild, BNP Paribas and Crédit Lyonnais exercised their option to increase the deal from an announced size of €200 million and priced it with a yield in the middle of talk of 5.125% to 5.875% and with a conversion premium at the aggressive end of talk of 21% to 26%.
Paris-based food and sporting goods retailer Rallye said proceeds of the deal will be used in connection with its general financing needs and to increase financial flexibility including refinancing the convertible bond issued in 1998 that matured on Jan. 1.
The bonds were sold in a private placement and as a public offering in France. They were not offered in the U.S., Canada or Japan.
| Issuer: | Rallye
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| Issue: | Oceane convertible bonds
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| Amount: | €230 million
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| Greenshoe: | €34.5 million
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| Maturity: | Jan. 1, 2008
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| Redemption price: | 109.67 or €48.25 at maturity
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| Coupon: | 3.75%
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| Price: | €44.00
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| Yield: | 5.50%
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| Conversion premium: | 26% over stock level of €34.9206
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| Call: | Jan. 1, 2006 onwards at accreted value subject to 125% hurdle
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| Pricing date: | Jan. 8
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| Settlement: | Jan. 16
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| Lead managers: | ABN AMRO Rothschild, BNP Paribas and Crédit Lyonnais
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