Published on 6/24/2004 in the Prospect News Convertibles Daily.
New Issue: Scor €180 million convertible yields 4.125%, up 65%
Nashville, June 24 - Scor SA sold €180 million of 5.5-year convertible bonds at par to yield 4.125% with a 65% initial conversion premium via joint lead managers BNP Paribas, Goldman Sachs and HSBC.
The offering priced at the tighter end of yield talk for a 4% to 4.5% coupon and aggressively outside premium guidance of 58% to 63%.
Scor is a Paris-based property and casualty insurer.
Terms of the deal are:
Issuer: | Scor SA
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Reference shares: | Scor SA
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Issue: | Convertible Oceane bonds
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Lead managers: | BNP Paribas, Goldman Sachs and HSBC
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Amount: | €180 million
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Greenshoe: | €20 million
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Maturity: | Jan. 1, 2010
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Coupon: | 4.125%
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Price: | Par
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Redemption price: | Par
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Yield: | 4.125%
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Conversion premium: | 65%
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Conversion price: | €2
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Conversion ratio: | 500.0000
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Call: | Non-callable for 3.5 years, then with 130% trigger
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Price talk: | 4.0-4.5%, up 58-63%
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Pricing date: | June 24
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