By Caroline Salls and Rebecca Melvin
New York, April 24 - Sacyr SA priced €250 million of five-year convertible and/or exchangeable bonds at par to yield 4% with an initial conversion premium of 25%, according to a news release.
The deal size came at the lower end of a targeted range of €250 million to €300 million and the offering priced at the cheap end of talk, which was for a 3.25% to 4% coupon and a 25% to 30% premium.
Banco Santander SA and Societe Generale were the joint bookrunners for the Regulation S transaction.
The bonds are freely convertible at an initial conversion price of €5.725 per share.
They are non-callable for three years and 21 days and then provisionally callable if the company's stock price exceeds 130% of the conversion price during a specified period.
In addition, the company priced €166 million of new shares, representing 7.2% of its share capital. The price per share was €4.58, which was a 2.9% discount to Wednesday's closing share price.
Sacyr is a Madrid-based construction company.
| Issuer: | Sacyr SA
|
| Issue: | Convertible bonds
|
| Amount: | €250 million
|
| Maturity: | May 8, 2019
|
| Bookrunners: | Banco Santander SA and Societe Generale
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: 25%
|
| Conversion price: | €5.725 per share
|
| Calls: | Non-callable for three years and 21 days, then provisionally callable subject to a 130% price hurdle
|
| Price talk: | 3.25%-4%, up 25%-30%
|
| Pricing date: | April 24
|
| Settlement date: | May 8
|
| Concurrent offering: | €166 million of common shares at €4.58 each
|
| Stock symbol: | Madrid: SCYR
|
| Stock reference price: | €4.58
|
| Distribution: | Regulation S
|
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