Solidium plans €450 million-€600 million bonds exchangeable into TeliaSonera to yield 0.5%-0.95%

By Rebecca Melvin

New York, March 20 - Solidium Oy planned to price €450 million to €600 million of 3.5-year bonds exchangeable into shares of TeliaSonera AB on Wednesday, according to an indicative term sheet.

The Regulation S bonds were seen pricing at par of €100,000 and were talked to yield a coupon of 0.5% to 0.95% with an initial conversion premium of 20% to 27.5%.

Goldman Sachs International is bookrunner.

The bonds are non-callable until Oct. 20, 2014 and then are provisionally callable subject to the shares trading at a price hurdle of 120%.

The securities have a change-of-control put and dividend protection for cash dividends above SEK 2.85 per share.

Proceeds will be used to finance equity investments, to further diversity its investment portfolio and to improve financial flexibility.

The bonds are intended to be listed on the open market segment of the Frankfurt Stock Exchange.

Solidium is a Finnish state owned investment company, and TeliaSonera is a Swedish mobile network and broadband services provider and is a mobile operator in Finland.

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