New Issue: Vinci 435 million euros convertible bonds yield 3.875%, up 25%

New York, April 25 - Vinci said it priced €435 million euros of convertible bonds at a yield of 3.875% and an initial conversion premium of 25%.

The deal came to market at the cheap end of talk, which had put the yield at 3.375% to 3.875% and the initial conversion premium at 25% to 30%.

Lead manager was BNP Paribas.

Vinci said the deal was fully subscribed within three hours.

Proceeds will be used to refinance recent acquisitions including a 16.4 % stake in ASF which operates 2,800 km of motorways in the south and west of France.

Vinci said the convertible will also enable it to extend the average maturity of its financings and lower the average cost of its debt.

Issuer:	Vinci
Amount:	€435 million
Greenshoe:	€65.25 million
Maturity:	Jan. 1, 2018
Coupon:	2% payable annually beginning Jan. 1, 2003 (short first coupon)
Price:	Par of €90
Redemption price:	139.4% of par or €125.46
Yield:	3.875%
Initial conversion premium:	25%
Conversion ratio:	1
Call:	Jan. 1, 2006 onwards subject to share price being 125% of accreted value or higher
Put:	May 2, 2006, May 2, 2010, May 2, 2014 at accreted value
Settlement:	May 2, 2002

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