By Rebecca Melvin
New York, March 8 – Veolia Environnement SA has priced €700 million of 0% five-year convertible Oceane bonds at 102.75% of par and with a 47.5% premium above the company’s share reference price on Euronext Paris market, according to a news release.
Pricing of the Regulation S deal came at the midpoint of 101% to 104.5% talk for the issue price and at the midpoint of the 45% to 50% premium range.
The bonds’ nominal value has been set at €29.99, and pricing represents a 0.54% yield to maturity.
The bonds are non-callable until April 5, 2019 and then are provisionally callable if shares exceed 130% of the nominal value of the bonds.
Settlement will take place March 15.
As per the Oceane structure, the bonds will be redeemed at par on March 15, 2021, entitling holders to receive new and or existing Veolia shares at a ratio of one share per bond.
Proceeds will be used for general corporate purposes.
Veolia is an environmental services provider based in Paris.
| Issuer: | Veolia Environnement SA
|
| Issue: | Convertible Oceane bonds
|
| Amount: | €700 million
|
| Maturity: | March 15, 2021
|
| Coupon: | 0%
|
| Price: | 102.75% of €29.99 par
|
| Yield: | 0.54%
|
| Initial conversion premium: | 47.5%
|
| Calls: | Non-callable until April 5, 2019, then provisionally callable at 130% price hurdle
|
| Pricing date: | March 8
|
| Settlement date: | March 15
|
| Distribution: | Regulation S
|
| Price talk: | 101 to 104.5 price, up 45% to 50%
|
| Stock symbol: | Paris: VIE
|
| Stock price: | €20.35 as of close March 8
|
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