Vinci sets final price for $125 million add-on to 0.375% convertibles

By Susanna Moon

Chicago, May 12 – Vinci SA set the final price for the $125 million tap issue of 0.375% non-dilutive cash-settled convertible bonds due 2022.

The final tap price was set at $217,132.56 per new bond, or at €78.0658 using a reference foreign exchange rate of €1 equal to $1.09265, according to a company update on Friday.

As reported, Vinci sold another $125 million of the convertibles on May 10 at 108.625% of par plus accrued interest.

Settlement has been set for May 18.

Societe Generale CIB is the global coordinator and bookrunner. BNP Paribas is also a bookrunner on the deal.

The French construction company initially sold $450 million of the bonds on Feb. 9. On Feb. 23, the conversion price was set at €84.2505, representing a 22.5% initial conversion premium.

In connection with the add-on offering, Vinci will purchase 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.

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