Published on 9/4/2003 in the Prospect News Convertibles Daily.
New Issue: Autobacs Seven ¥8.5 billion convertibles yield -0.6%, up 40%
New York, Sept. 4 - Autobacs Seven Co. Ltd. priced ¥8.5 billion of 0% zero-coupon euroyen convertible bonds due 2023 to yield negative 0.6% with a 40% initial conversion premium.
Merrill Lynch International was lead manager of the offering, which was sold primarily in Europe and not offered in the U.S.
The deal has a ¥1.5 billion greenshoe.
The Tokyo automotive accessories retailer will use proceeds to reformat its stores, for investments in information technology and for general corporate purposes.
| Issuer: | Autobacs Seven Co. Ltd.
|
| Issue: | Euroyen convertible bonds
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| Lead manager: | Merrill Lynch International
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| Amount: | ¥8.5 billion
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| Greenshoe: | ¥1.5 billion
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| Maturity: | Sept. 30, 2023
|
| Coupon: | 0%
|
| Price: | 102.5% of par of ¥5 million
|
| Redemption price: | Par
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| Yield: | -0.6%
|
| Conversion premium: | 40%
|
| Conversion ratio: | 1552.79 to 1976.28 (set by formula as 1552.79 + (stock price - 3220) * 2173.91/stock price)
|
| Conversion price: | ¥3220
|
| Call: | Sept. 30, 2007 onwards at par
|
| Put: | In years 4, 8, 12 and 16 at par
|
| Contingent conversion: | 110%
|
| Rating: | S&P: BBB+
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| Pricing date: | Sept. 3
|
| Settlement: | Sept. 22
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