NH Hotel holders convert €93.2 million of 4% convertibles

By Wendy Van Sickle

Columbus, Ohio, June 8 – NH Hotel Group, SA said holders gave notice to convert €93.2 million of the company’s 4% convertible bonds due Nov. 8, 2018 during the conversion period that ran from May 23 through May 31.

The company will issue 18,946,932 ordinary shares representing about 4.83% of the enlarged share capital of the company to settle the conversions at a conversion price of €4.919, according to a notice.

This brings the total amount of the original €250 million of the convertibles converted prior to the upcoming redemption at the issuer’s option to €248.3 million, or about 99.32% of the total principal amount.

NH Hotel will redeem the convertibles at par on June 11.

The company announced the conversion option, along with the call of the bonds on May 10.

The company’s stock (Madrid: NHH) closed at €6.45 on May 9.

Following the conversion, €1.7 million, or about 0.86%, of the bonds remain outstanding and will be redeemed on the redemption date.

NH Hotel is a Madrid-based hotel operator.

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