By Rebecca Melvin
New York, May 12 – Salvepar SA priced €150 million of 6.5-year convertible bonds in the Ornane structure at par to yield 1.625% with an initial conversion premium of 37.5% on Tuesday, according to a news release.
Pricing of the Regulation S deal came at the cheap end of price talk, which was for a 1.125% to 1.625% coupon and a 37.5% to 42.5% initial conversion premium.
A €15 million increase option was exercised together with the €135 million base deal. BNP Paribas was the bookrunner for the offering.
The bonds are non-callable until Jan. 15, 2019 and then are provisionally callable if bonds exceed 130% of the conversion price for 20 trading days out of 40.
There is takeover protection. An application will be made for the bonds to be admitted to trading on Euronext Paris.
Salvepar is a Paris-based investment holding company.
| Issuer: | Salvepar SA
|
| Issue: | Convertible bonds (Ornane structure)
|
| Amount: | €150 million
|
| Maturity: | Jan. 1, 2022
|
| Bookrunner: | BNP Paribas
|
| Coupon: | 1.625%
|
| Price: | Par, €61.63
|
| Yield: | 1.625%
|
| Conversion premium: | 37.5%
|
| Call: | From Jan. 15, 2019 subject to 130% hurdle
|
| Price talk: | 1.125%-1.625%, up 37.5%-42.5%
|
| Takeover protection: | Yes
|
| Pricing date: | May 12
|
| Settlement date: | May 18
|
| Distribution: | Regulation S
|
| Stock symbol: | Paris: SY
|
| Stock price: | €44.99 as of close May 12
|
| Market capitalization: | €308.27 million
|
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