New York, Oct. 4 - Aubay priced an upsized €27.5 million offering of convertible bonds due January 2012 in the Oceanes structure Wednesday to yield 4.5% with a 29.98% initial conversion premium.
The deal came at the rich end of talk, which put the yield at 4.5% to 5% and the conversion premium at 25% to 30%.
Aubay said the deal was increased from the original size of €25 million in response to strong demand. The offering was four times oversubscribed, the company noted. There is a greenshoe for a further €2.5 million of bonds.
HSBC was bookrunner for the Regulation S offering.
The Paris-based technology consultancy will use proceeds to repay bank debt - it had €21.9 million outstanding at Sept. 15 - and for acquisitions and general corporate purposes.
| Issuer: | Aubay
|
| Issue: | Oceanes convertible bonds
|
| Amount: | €27,500,015.20
|
| Greenshoe: | €2,499,999.60
|
| Maturity: | Jan. 1, 2012
|
| Coupon: | 4.5%
|
| Price: | Par of €9.80
|
| Yield: | 4.5%
|
| Initial conversion premium: | 29.98%
|
| Conversion price: | €9.80
|
| Call: | Jan. 1, 2010 onwards at par subject to 125% hurdle
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 12
|
| Bookrunner: | HSBC
|
| Talk: | 4.5% to 5%, up 25% to 30%
|
| Distribution: | Regulation S
|
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