Soitec talks €325 million of five-year Oceanes at 0%, up 40%-50%

Chicago, Sept. 28 – Soitec plans to price up to €325 million of 0% convertible notes in the Oceane structure on Monday at par with price talk for an initial conversion premium of 40% to 50%, according to a market source.

The bonds will have an Oct. 1, 2025 maturity date.

JPMorgan, BNP Paribas and Credit Agricole CIB are global coordinators and bookrunners.

The bonds are being offered via Regulation S.

The bonds are callable from Oct. 2, 2023 subject to a 130% hurdle. The bonds are puttable upon a fundamental change. The exchange rate will be one share per bond.

The bonds will be traded on the open market of the Euronext in Paris. In connection with the offering, the company has agreed to a 90-day lock-up.

Proceeds from the offering will be used to provide additional flexibility from an operational and strategic standpoint and to fund potential growth opportunities.

Soitec is a Bernin, France-based designer and manufacturer of semiconductor materials.

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