By Rebecca Melvin
New York, May 12 Safran SA priced 800 million of seven-year convertible bonds in the Oceanes structure to yield 0.875% with a 40% premium above the reference share price, according to a company news release.
The nominal unit value was set at 108.23, and the bonds will be issued at par. They priced at the cheap end of talk, which was for 0.375% to 0.875% coupon and a 40% to 45% premium.
They are redeemable under certain conditions and have a change-of-control put.
The proceeds will be used for general corporate purposes.
BNP Paribas, Credit Agricole CIB, HSBC, Natixis and Societe Generale are joint bookrunners of the Regulation S deal.
The French state, which currently holds 11.23% of the companys share capital, has subscribed for 830,083 bonds, representing a nominal amount of about 89.84 million.
Application is being made to list the bonds on the Euronext Paris exchange.
The company also said that it is considering a benchmark-sized offering in the U.S. private placement market in the coming weeks.
Safran is a Paris-based multinational aircraft and rocket engine, aerospace component and defense company.
| Issuer: | Safran SA
|
| Securities: | Oceanes
|
| Amount: | 800 million
|
| Maturity: | May 15, 2027
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, HSBC, Natixis and Societe Generale
|
| Price: | Par
|
| Yield: | 0.875%
|
| Conversion premium: | 40%
|
| Conversion price: | 108.23
|
| Conversion rate: | 1
|
| Call options: | Provisionally callable
|
| Put options: | Upon change of control
|
| Pricing date: | May 12
|
| Price talk: | 0.375%-0.875%, up 40%-45%
|
| Stock symbol: | EPA: SAF
|
| Stock price: | 77.28
|
| Market capitalization: | 30.67 billion
|
| Distribution: | Regulation S
|
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