By Kenneth Lim
Boston, April 20 - France's Rhodia SA priced €595.125 million of 6.5-year 0.5% convertible bonds at the rich end of talk on Thursday to yield 2.35% with an initial conversion premium of 42%.
The convertibles were talked at a yield of 2.35% to 2.85% and an initial conversion premium of 37% to 42%.
The size of the deal was originally €517.5 million, but an over-allotment option for €77.625 million was immediately exercised.
The convertibles were offered at par of €48.10.
Calyon, Credit Suisse and Societe Generale were the bookrunners of the Regulation S offering.
Rhodia, a Paris-based specialty chemicals company, said the proceeds of the deal will be used to fund the early redemption of about €560 million of outstanding debt from four series of notes due in 2010 and 2011.
| Issuer: | Rhodia SA
|
| Issue: | Convertible bonds
|
| Bookrunners: | Calyon, Credit Suisse and Societe Generale
|
| Amount: | €595.125 million, including €77.625 million greenshoe already exercised
|
| Greenshoe: | €77.625 million, already exercised
|
| Maturity: | Jan. 1, 2014
|
| Coupon: | 0.5%
|
| Price: | Par of €48.10
|
| Redemption price: | 113.22%
|
| Yield: | 2.35%
|
| Conversion premium: | 42%
|
| Conversion price: | €4.01
|
| Conversion ratio: | 12
|
| Price talk: | 2.35%-2.85%, up 37%-42%
|
| Pricing date: | April 19
|
| Settlement date: | April 27
|
| Distribution: | Regulation S
|
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