By Rebecca Melvin
New York, May 29 - French seed company Vilmorin priced €130 million of seven-year convertible bonds in the Oceane structure on Thursday at par to yield 4.5% with an initial conversion premium of 20%, according to a company news release.
The bonds priced at the cheap end of talk for the coupon, which was 4% to 4.5%, and at the talked 20% premium level.
HSBC and Lazard-Natixis are joint bookrunners of the deal, with HSBC acting as global coordinator. There is a greenshoe of €19.5 million.
The bonds are non-callable for five years, and provisionally callable thereafter subject to a 130% price hurdle. There is a par put in 2013.
Proceeds will be used for general financing needs, including research and international development, and for acquisitions.
Paris-based Vilmorin is a researcher, manufacturer and vendor of seeds, bulbs and plants.
| Issuer: | Vilmorin
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €130 million
|
| Greenshoe: | €19.5 million
|
| Maturity: | July 1, 2015
|
| Bookrunners: | HSBC and Lazard-Natixis
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 20%
|
| Conversion price: | €155.96
|
| Call option: | Non-callable for five years, soft call thereafter subject to 130% hurdle
|
| Put option: | Par put in 2013
|
| Takeover protection: | Yes
|
| Price talk: | 4%-4.5%, up 20% above the VWAP between launch and pricing
|
| Pricing date: | May 29
|
| Stock symbol: | Paris: RIN
|
| Stock price: | €131.31 at close May 28
|
| Listing: | Euronext Paris
|
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