By Susanna Moon
Chicago, Nov. 17 Vinci said it set the final price for the $150 million add-on to its outstanding 0.375% non-dilutive cash-settled convertible bonds due 2022.
The final tap price is $222,827.89 per new bond including accrued interest, according to a company release.
The add-on reference price for the new bonds was 84.3930 with a foreign exchange rate of 1 to $1.17960 using the spot rate on Nov. 17, the release noted.
As reported, Vinci priced the upsized $150 million add-on to the 0.375% convertibles after the close on Nov. 9. The deal was increased from the initial size of $125 million.
The deal came toward the cheap end of price talk, which had been announced at 111.60 to 112.60.
Credit Agricole Corporate and Investment Bank is global coordinator and bookrunner with BNP Paribas and Societe Generale Corporate & Investment Banking.
The new issue will have the same terms as Vincis 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 priced.
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.
Vinci 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 bookrunners for the $125 million deal priced in May, Prospect News reported.
Vinci is a Rueil-Malmaison, France-based international construction and transportation concessions infrastructure corporation.
| Issuer: | Vinci
|
| Securities: | Non-dilutive cash-settled convertible bonds
|
| Amount: | $150 million
|
| Maturity: | Aug. 23, 2022
|
| Bookrunners: | Credit Agricole Corporate and Investment Bank (global coordinator) BNP Paribas, Societe Generale Corporate & Investment Banking
|
| Coupon: | 0.375%
|
| Price: | 111.85
|
| Conversion price: | 84.2505
|
| Reference price: | 84.3930
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 22
|
| Talk: | 111.60 to 112.60
|
| Stock symbol: | EPA: DG
|
| Stock price: | 85.13
|
| Market capitalization: | 50.805 billion
|
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