Nashville, Sept. 30 - Vivendi Universal sold €605 million of five-year exchangeable bonds which convert into Sogecable SA shares at par to yield 1.75% with a 35% initial conversion premium - at the cheap end of guidance.
Bookrunner of the Regulation S deal was SG Corporate & Investment Banking. Joint lead manager was Credit Agricole Indosuez Credit Lyonnais.
The deal had been talked to price to yield 1.25% to 1.75% with a 35% to 40% initial conversion premium.
Vivendi Universal intends to use proceeds to redeem part of the 1.25% Oceane issued in 1999, which are callable on Jan. 1, 2004, for €1.7 billion.
Terms of the new deal are:
Issuer: Vivendi Universal
| Reference shares: | Sogecable SA ordinary shares
|
| Issue: | Exchangeable senior bonds
|
| Bookrunner: | SG Corporate & Investment Banking
|
| Joint lead manager: | Credit Agricole Indosuez Credit Lyonnais
|
| Amount | €605 million
|
| Maturity: | 2008
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Redemption price: | Par
|
| Yield: | 1.75%
|
| Conversion premium: | 35%
|
| Conversion price: | €29.32
|
| Conversion ratio: | 34.1064
|
| Call: | Non-callable for 3 years, then with 125% hurdle
|
| Price talk: | 1.25-1.75%, up 35-40%
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
