By Stephanie N. Rotondo
Seattle, Feb. 9 – Vinci SA sold $450 million of 0.375% non-dilutive cash-settled convertible bonds due 2022 with an initial conversion premium of 22.5% on Thursday, according to a company press release.
The deal came in the middle of the 0.125% to 0.625% yield talk and the 20% to 25% conversion premium talk.
BNP Paribas, Credit Agricole CIB, Natixis and Societe Generale CIB were the joint bookrunners.
The share reference price and conversion ratio will be determined on Feb. 23.
In connection with the offering, Vinci is purchasing cash-settled call options to hedge its economic exposure. It is also expected that hedge counterparties to the call options will enter into various hedging transactions.
Proceeds will be used for general corporate purposes.
Vinci is a Rueil-Malmaison, France-based construction company.
| Issuer: | Vinci SA
|
| Securities: | Non-dilutive cash-settled convertible bonds
|
| Amount: | $450 million
|
| Maturity: | 2022
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, Natixis, Societe Generale CIB
|
| Coupon: | 0.375%
|
| Price: | Par of $200,000
|
| Conversion premium: | 22.5%
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 16
|
| Talk: | 0.125% to 0.625% yield; 20% to 25% conversion premium
|
| Stock symbol: | EPA: DG
|
| Stock price: | €68.63 as of Feb. 9
|
| Market capitalization: | €40.5 billion
|
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