Soitec greenshoe brings 6.75% five-year convertibles to €103.2 million

By Jennifer Chiou

New York, Sept. 12 - Soitec SA announced the full exercise of the greenshoe for its offering of new 6.75% convertible bonds due 2018 in the Oceane structure, bringing the total size to €103.2 million.

On Sept. 10, the company announced the pricing of €89,739,131 of the convertibles.

Soitec will issue a total of 40 million of the bonds at €2.58 per bond, representing a 35% premium to the average Soitec stock price on the Euronext Paris on Sept. 10.

The company previously stated that it raised €71.5 million in its equity offering in July. Using those proceeds in addition to proceeds from the convertibles, Soitec plans to refinance €145 million, or 42.75%, of its 6.25% convertible bonds due 2014. It is offering €8.55 per 6.25% bond.

Natixis was the lead manager and bookrunner for the transactions. Credit Suisse Securities (Europe) Ltd. and Morgan Stanley assisted.

Bernin, France-based Soitec makes semiconductor materials. It announced plans for the issue in June.

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