By Rebecca Melvin
New York, Nov. 19 - Sol Melia SA priced €175 million of convertible bonds Thursday, which were sold at par of €50,000, to yield 5% with an initial conversion premium of 30%, according to a news release.
The issue size was at the upper end of a base size range of €150 million to €175 million, and there is a €25 million greenshoe.
The deal priced at the cheap end of talk, which was for a coupon of 4.5% to 5% and an initial conversion premium of 30% to 35%.
Deutsche Bank AG London branch and Caylon are bookrunners of the offering.
The bonds will be non-callable for three years and provisionally callable thereafter at a price trigger of 130%.
Sol Melia will seek to list the bonds on the Euro MTF of Luxembourg.
Closing has been set for Dec. 18.
Based in Palma de Mallorca, Spain, Sol Melia is an operator of owned and rented hotels.
| Issuer: | Sol Melia SA
|
| Issue: | Convertible bonds
|
| Amount: | €175 million
|
| Greenshoe: | €25 million
|
| Maturity: | 2014
|
| Bookrunners: | Deutsche Bank AG, Calyon
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion premium: | 30%
|
| Conversion price: | €7.9325
|
| Call protection: | Non-callable for three years and provisionally callable thereafter at a price trigger of 130%
|
| Price talk: | 4.5%-5%, up 30%-35%
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 18
|
| Stock reference price: | €6.20
|
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