By Rebecca Melvin
New York, Jan. 7 – Safran SA launched and priced on Thursday €650 million of 0% five-year bonds convertible into and/or exchangeable for new and/or existing shares at 104 and with initial conversion premium of 45% above the reference share price, according to a company release.
Pricing of the Regulation S bonds came within the range of talked terms, which were for a 0% coupon, issue price of 101.75 to 105 and a premium of between 40% and 50% above the Safran’s reference share price on the regulated market of Euronext in Paris.
Net proceeds of the offering will be used for general corporate purposes.
The bonds may be redeemed prior to maturity at the discretion of the company, under certain conditions, and at the discretion of bondholders in case of a change of control.
An application is being made to list the bonds on the open market of the Frankfurt Stock Exchange.
BofA Merrill Lynch, BNP Paribas and Credit Agricole CIB were global coordinators, joint lead managers and joint bookrunners of the deal.
Paris-based Safran is a high-technology group focused on aerospace, defense and security businesses.
| Issuer: | Safran SA
|
| Issue: | Convertible bonds
|
| Amount: | €650 million
|
| Maturity: | Dec. 31, 2020
|
| Coupon: | 0%
|
| Price: | 104
|
| Conversion premium: | 45%
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas, Credit Agricole CIB
|
| Price talk: | 0% coupon, 101.75%-105% of par, up 40%-50%
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 11
|
| Distribution: | Regulation S
|
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