By Rebecca Melvin
New York, June 26 – Airbus Group SE priced €500 million of seven-year, 0% convertibles bonds at 102% of par on Friday for a yield to maturity of negative 0.28% and an initial conversion premium of 62.5%, according to a release.
Pricing of the Regulation S deal came at the rich end of talked terms, which were for a 100% to 102% issue price, a 0% to negative 0.28% yield to maturity and a 47.5% to 62.5% initial conversion premium.
The deal was sold via joint bookrunners Societe Generale Corporate & Investment Banking, BNP Paribas, HSBC, J.P. Morgan and Natixis.
The bonds have a par value of €100,000. They are provisionally callable after four years on July 16, 2019 if the stock trades above 130% of the conversion price.
There is takeover and dividend protection and a clean-up call.
Proceeds will be for general corporate purposes, and are intended to help the company optimize financing costs and diversity its funding sources.
Airbus plans to list the bonds on the open market of the Frankfurt Stock Exchange.
Airbus is a multinational European aerospace and defense company based in Toulouse, France.
| Issuer: | Airbus Group SA
|
| Issue: | Convertible bonds
|
| Amount: | €500 million
|
| Maturity: | July 1, 2022
|
| Bookrunners: | Societe Generale Corporate & Investment Banking, BNP Paribas, HSBC, J.P.Morgan and Natixis
|
| Coupon: | 0%
|
| Price: | 102% of par
|
| Yield: | -0.28%
|
| Conversion premium: | 62.5%
|
| Conversion price: | €99.5423
|
| Call protection: | Non-callable for four years until July 16, 2019, then provisionally callable subject to a 130% price hurdle
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes
|
| Price talk: | 100%-102% of par, 0% to -0.28% yield to maturity, up 47.5%-62.5%
|
| Pricing date: | June 26
|
| Settlement date: | July 1
|
| Stock symbol: | Paris: AIR
|
| Stock price: | €61.51, at close June 26
|
| Market capitalization: | €48.7 billion
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
