Citigroup talks €400 million bonds exchangeable for Telekom Austria at 0% to 0.625%, up 40% to 45%

By Stephanie N. Rotondo

Seattle, July 28 – Citigroup Global Markets Funding Luxembourg launched a €400 million offering of bonds due Aug. 4, 2023 exchangeable for ordinary shares of Telekom Austria AG, the company said in a press release on Thursday.

The bonds are being marketed with a coupon in the range of 0% to 0.625%. The initial conversion premium is being talked in a 40% to 45% range.

Citigroup Global Markets Ltd. is the global coordinator and bookrunner for the Regulation S sale.

Pricing is expected later Thursday.

The bond will be callable starting Aug. 25, 2021 subject to a 130% stock price hurdle. The company can also redeem the bonds if there is a cash offer for the underlying shares or if 75% or more the paper has been redeemed, exchange or purchased and cancelled.

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