By Rebecca Melvin
New York, June 7 – Swiss Prime Site AG priced CHF 250 million of seven-year convertible bonds on Tuesday at par of CHF 5,000 to yield 0.25% with an initial conversion premium of 25% over the volume-weighted average price of its shares on the SIX Swiss Exchange between launch and pricing, according to a news release.
Pricing of the Regulation S deal came at the cheap end and toward the cheap end of talk for a 0% to 0.4% coupon and 25% to 30% premium.
Credit Suisse and JPMorgan were joint bookrunners of the deal, which was distributed via a public offering in Switzerland and private placements in other jurisdictions.
The bonds are non-callable for five years and 21 days, and then provisionally callable at par plus accrued interest if the closing price of shares is 140% of the conversion price for at least 20 out of 30 consecutive trading days. They are also callable if less than 15% principal amount of the bonds are outstanding.
Proceeds will be used for general corporate purposes and refinancing of outstanding, short-term debt.
Application for listing and trading on the SIX Swiss Exchange will be made.
Olten, Switzerland-based Swiss Prime Site is a real estate investment company.
| Issuer: | Swiss Prime Site AG
|
| Issue: | Convertible bonds
|
| Amount: | CHF 250 million
|
| Maturity: | 2023
|
| Bookrunners: | Credit Suisse, JPMorgan
|
| Coupon: | 0.25%
|
| Price: | Par, CHF 5,000
|
| Yield: | 0.25%
|
| Conversion premium: | 25%
|
| Conversion price: | CHF 105.38
|
| Price talk: | 0%-0.4% coupon, up 25%-30%
|
| Calls: | Non-callable for five years and 21 days, then provisionally callable at 140% price hurdle; cleanup call
|
| Pricing date: | June 7
|
| Stock symbol: | Swiss: SPSN
|
| Stock reference: | CHF 85.30 as of close on June 7
|
| Distribution: | Regulation S
|
| Market capitalization: | CHF 5.99 billion
|
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