By Rebecca Melvin
New York, Nov. 3 - Societe Immobiliere de Location pour l'Industrie et le Commerce, or Silic, priced €175 million of net share settled convertible bonds with a six-year maturity to yield 2.5% with an initial conversion premium of 30%, according to a news release.
Pricing of the Regulation S offering came at the cheap end of coupon talk, which was 2% to 2.5%, and at the talked price point for the premium.
BNP Paribas and Morgan Stanley were the joint bookrunners and lead managers of the offering, for which there is a greenshoe for up to an additional €25 million of convertibles.
Credit Agricole Corporate and Investment Bank and Lazard-Natixis were acting as the co-lead managers.
Net proceeds will be used to finance the company's existing or future development projects.
Upon conversion, holders will receive cash and, if applicable, an amount payable in new and/or existing shares. But the company has the option to settle entirely in new or existing shares.
Groupama SA, the principal shareholder of the company, has reserved the right to participate in up to about 10% of the issue.
Settlement is set for Nov. 16.
The company has applied to list the bonds on NYSE Euronext in Paris.
Nanterre, France-based Silic is a property investment company that holds and operates business parks.
| Issuer: | Silic
|
| Issue: | Convertible bonds
|
| Amount: | €175 million
|
| Greenshoe: | €25 million
|
| Maturity: | Jan. 1, 2017
|
| Bookrunners: | BNP Paribas and Morgan Stanley
|
| Comanagers: | Credit Agricole Corporate and Investment Bank and Lazard-Natixis
|
| Dividend: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 30%
|
| Conversion price: | €124.59
|
| Price talk: | 2%-2.5%, up 30%
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 16
|
| Distribution: | Regulation S
|
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