By Rebecca Melvin
New York, July 14 – Rocket Internet SE priced an offering of €550 million of seven-year convertible bonds on Tuesday at par to yield 3% with an initial conversion premium of 35%, according to a news release.
The Regulation S deal priced at the cheap end of 2.25% to 3% coupon talk and toward the cheap end of 32.5% to 47.5% premium talk.
The bonds were sold via bookrunner J.P. Morgan Securities.
The securities are non-callable until Aug. 6, 2019 and then are provisionally callable if the share price exceeds 140% of the conversion price.
Proceeds will be used to invest in its internet platform and increase Rocket’s financial flexibility in taking advantage of strategic opportunities.
The bonds are expected to be listed on the open market of the Frankfurt Stock Exchange.
Berlin-based Rocket is a European e-commerce company.
| Issuer: | Rocket Internet SE
|
| Issue: | Convertible bonds
|
| Amount: | €550 million
|
| Maturity: | July 22, 2022
|
| Bookrunners: | J.P. Morgan Securities
|
| Coupon: | 3%
|
| Price: | Par of €100,000
|
| Yield: | 3%
|
| Conversion premium: | 35%
|
| Conversion ratio: | 47.5355 shares
|
| Call protection: | Non-callable until Aug. 6, 2019, then provisionally callable at 140% price hurdle
|
| Price talk: | 2.25%-3%, up 32.5%-47.5%
|
| Pricing date: | July 14
|
| Settlement date: | July 22
|
| Distribution: | Regulation S
|
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