By Rebecca Melvin
New York, April 1 - Sacyr Vallehermoso SA priced €200 million of five-year convertible notes Thursday at par of €50,000 to yield 6.5% with an initial conversion premium of 25%, according to a news release.
The Regulation S offering priced at the cheap end of talk, which was for a coupon of 5.75% to 6.5% and a premium of 25% and 30%.
Societe Generale was the lead manager for the issue, for which there is a €30 million greenshoe.
The notes, maturing on May 1, 2016, are non-callable until May 10, 2012 and then are provisionally callable for two years at a price hurdle of 170% of conversion. After May 10, 2014, the notes can be redeemed at a lowered threshold of 130% of conversion.
The company plans to list the bonds on the unregulated organized secondary market at the Frankfurt Stock Exchange.
Sacyr is a Madrid-based construction group.
| Issuer: | Sacyr Vallehermoso SA
|
| Issue: | Convertible senior notes
|
| Amount: | €200 million
|
| Greenshoe: | €30 million
|
| Maturity: | May 1, 2016
|
| Bookrunner: | Societe Generale
|
| Coupon: | 6.5%
|
| Price: | Par, €50,000
|
| Yield: | 6.5%
|
| Conversion premium: | 25%
|
| Conversion price: | €10.61 per share
|
| Calls: | Non-callable until May 10, 2012, then provisionally callable subject to a 170% price hurdle for two years. After May 10, 2014, threshold drops to 130%
|
| Takeover protection: | Yes
|
| Price talk: | 5.75%-6.5%, up 25%-30%
|
| Pricing date: | March 31
|
| Settlement date: | April 12
|
| Distribution: | Regulation S
|
| Stock symbol: | Spain: SYV
|
| Market capitalization: | €3.5 billion
|
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