By Rebecca Melvin
New York, April 3 - Vastned Retail NV priced €110 million of five-year convertible bonds at par to yield 1.875% with an initial conversion premium of 30% over the volume weighted average price of shares quoted on the Euronext Amsterdam exchange between launch and pricing Thursday, according to a news release.
The Regulation S offering has a €10 million greenshoe and priced toward the rich end and at the rich end of talk for a 1.75% to 2.25% coupon and a 25% to 30% premium.
ABN Amro/UBS and BNP Paribas were joint bookrunners of the deal.
The bonds are non-callable until May 8, 2017 and then provisionally callable subject to Vastned shares exceeding 130% of the conversion price.
Proceeds will be used to extend the company's loan maturity and to reduce its cost of debt as well as to further opportunities for premium retail acquisitions.
Application is being made to list the bonds for trading on the open market of the Frankfurt Stock Exchange.
Rotterdam-based Vastned is a real estate investment trust focused on high-end retail properties.
| Issuer: | Vastned Retail NV
|
| Issue: | Convertible bonds
|
| Amount: | €110 million
|
| Greenshoe: | €10 million
|
| Maturity: | April 10, 2019
|
| Bookrunners: | ABN Amro/UBS and BNP Paribas
|
| Coupon: | 1.875%
|
| Price: | Par
|
| Yield: | 1.875%
|
| Conversion premium: | 30%
|
| Conversion price: | €46.19
|
| Calls: | Non-callable until May 8, 2017, then provisionally callable at 130% price hurdle
|
| Price talk: | 1.75%-2.25%, up 25%-30%
|
| Pricing date: | April 3
|
| Settlement date: | April 10
|
| Stock symbol: | Amsterdam: VASN
|
| Stock reference price: | €35.5338
|
| Listing: | Frankfurt Stock Exchange
|
| Distribution: | Regulation S
|
| Market capitalization: | €681.5 million
|
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