New York, Dec. 10 - Soitec priced €103.5 million five-year convertible bonds in the Oceanes structure to yield 4.625% with a 35% initial conversion premium.
The deal priced at the cheap end of talk, which put the yield at 4.125% to 4.625% and the initial conversion premium at 35% to 40%.
Soitec exercised its option to increase the deal from the announced size of €90 million. There remains a €15.5 million greenshoe.
Morgan Stanley is bookrunner for the Regulation S offering. The syndicate also includes BNP Paribas.
Proceeds will be used to buy back Soitec's Oceanes due 2006 of which €92.2 million remain outstanding. Alongside the placing of the new deal, the underwriters will assess interest in selling back the old bonds. Soitec will buy back the 2006 Oceanes after the market close on Dec. 21.
The new bonds will be callable after three years subject to a 120% hurdle.
Soitec, based in Bernin, France, makes silicon-on-insulator wafers for the semiconductor industry.
| Issuer: | Soitec
|
| Issue: | Oceanes convertible bonds
|
| Amount: | €103.5 million
|
| Greenshoe: | €15.5 million
|
| Maturity: | Dec. 20, 2009
|
| Coupon: | 4.625%
|
| Price: | Par of €6.96
|
| Yield: | 4.625%
|
| Conversion premium: | 35%
|
| Conversion price: | €6.96
|
| Conversion ratio: | 1
|
| Call: | Dec. 20, 2007 onwards at par subject to 120% hurdle
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 20
|
| Bookrunner: | Morgan Stanley
|
| Talk: | Yield: 4.125% to 4.625%, conversion premium: 35% to 40%
|
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