Vinci sets conversion price for $450 million 0.375% convertibles

By Marisa Wong

Morgantown, W.Va., Feb. 23 – Vinci SA set the initial conversion price for its new 0.375% non-dilutive cash-settled convertible bonds due 2022 at €84.2505, according to a press release.

The conversion price reflects a 22.5% initial conversion premium over the reference price of €68.7759.

Vinci priced $450 million of the convertible bonds on Feb. 9, and settlement occurred on Feb. 16.

The deal came in the middle of the 0.125% to 0.625% yield talk and the 20% to 25% conversion premium talk, as previously reported.

BNP Paribas, Credit Agricole CIB, Natixis and Societe Generale CIB were the joint bookrunners.

In connection with the offering, Vinci purchased 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.

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