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Vinci to price $125 million add-on to 2022 convertibles
Abigail W. Adams
Portland, Me., Nov. 9 – Vinci plans to price a $125 million add-on to its outstanding 0.375% convertible bonds due 2022 before European markets open on Friday.
Price talk for the add-on is between 111.60 and 112.60.
Crédit Agricole Corporate and Investment Bank is global coorodinator and bookrunner with BNP Paribas and Société Générale Corporate & Investment Banking.
The new issue will have the same terms as Vinci’s outstanding non-dilutive cash-settled $450 million of 0.375% convertible bonds and the earlier $125 million add on.
The conversion price is €84.2505, a 22.5% conversion premium when the notes were first issued.
The final issue price of the latest add on will be announced on Nov. 17 after six consecutive trading days to reflect the performance of the company’s stock and the euro to dollar exchange rate.
The add-on will settled on Nov. 22, according to a company release.
Concurrently with the new issue, Vinci will purchase new cash-settled call options to hedge its exposure to the conversion rights in the new bonds. The new options are in addition to the cash-settled call options purchased with the original 0.375% convertibles due 2022.
No new shares will be issued as a result of the new offering, according to the release. VINCI has agreed to lock up its shares and equity-linked securities for 60 calendar days after Nov.22.
Proceeds from the add-on will be used for general corporate purposes.
BNP, Credit Agricole, Natixis, and SG were bookrunners for the original $450 million deal priced in February. BNP and SG were bookruners for the $125 million deal priced in May, Prospect News reported.
Vinci is a France-based international construction and transportation concessions infrastructure corporation.
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