Sonata Securities to price CHF 767 million of bonds exchangeable into Adecco

By Rebecca Melvin

Princeton, N.J., Dec. 6 - Sonata Securities SA launched Tuesday roughly CHF767 million of five-year exchangeable bonds. The non-recourse secured bonds are exchangeable into shares of Adecco SA, the company said in a press release.

Deutsche Bank AG is acting as bookrunner for the offering.

The bonds were talked with a 1.5% coupon with a yield to maturity of 3% to 3.5%, and an initial conversion premium of 25% above the reference price of Adecco shares.

The bonds, under Regulation S, are expected to be listed on the Luxembourg Stock Exchange.

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