By Ronda Fears
Nashville, May 22 - Siemens Finance BV, a unit of Siemens AG, sold €2.5 billion of seven-year convertible senior notes at par to yield 1.375% with a 46% initial conversion premium in the Regulation S market via joint bookrunners Morgan Stanley and UBS Warburg.
The quick-sale deal sold at the wide end of yield talk for a 0.875% to 1.375% coupon, and at the cheaper end of premium guidance of 45% to 50%.
The Munich-based conglomerate said proceeds would be used for general corporate purposes and to support financial flexibility.
Terms of the deal are:
Issuer: Siemens Finance BV
| Issue: | Convertible senior notes
|
| Joint lead managers: | Morgan Stanley and UBS Warburg
|
| Amount | €2.5 billion
|
| Maturity: | June 4, 2010
|
| Coupon: | 1.375%
|
| Price: | Par
|
| Redemption Price: | Par
|
| Yield: | 1.375%
|
| Conversion premium: | 46%
|
| Conversion price: | €56.168
|
| Conversion ratio: | 1,780.370
|
| Call: | Non-callable for four years, then with 130% hurdle
|
| Contingent conversion: | 110%
|
| Expected ratings: | Moody's: Aa3
|
| S&P: AA-
|
| Settlement: | June 4
|
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