Vilmorin greenshoe fully exercised, lifts 4.5% seven-year convertibles to €149.5 million

By Devika Patel

Knoxville, Tenn., June 4 - Underwriters for French seed company Vilmorin's 4.5% seven-year convertible bonds exercised their over-allotment option in full for €19.5 million more of the notes, increasing the size of the issue to €149.5 million, the company said in a press release.

As previously reported, Vilmorin priced the convertibles at par on May 22 through joint bookrunners HSBC and Lazard-Natixis, with HSBC acting as global coordinator.

The bonds have a conversion price of €155.96 and a conversion premium of 20%.

The convertibles are non-callable for five years and are 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.

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