By Ronda Fears
Nashville, July 23 - Adecco SA sold CHF750 million of 10-year premium redemption convertible bonds at par for a yield to maturity of 1.5% and 63.58% initial conversion premium, via joint lead managers Goldman Sachs and Credit Suisse First Boston.
The issue sold at the midrange of guidance which put the yield at 1.25% to 1.75%, up 61% to 66%. The offering was issued through financing subsidiary Adecco Financial Services (Bermuda) Ltd.
Adecco, the world's largest employment services firm, said proceeds will be used outside for general corporate purposes, to further strengthen its financial position and support its long-term strategy.
Terms of the new deal are:
Issuer: Adecco Financial Services (Bermuda) Ltd.
| Reference shares: | Adecco SA
|
| Issue: | Convertible unsubordinated bonds
|
| Joint lead managers: | Goldman Sachs and Credit Suisse First Boston
|
| Amount | CHF750 million
|
| Maturity: | Aug. 26, 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 116.05
|
| Yield: | 1.5%
|
| Conversion premium: | 63.58%
|
| Conversion price: | CHF94.546
|
| Conversion ratio: | 52.884
|
| Call: | Non-callable for 7 years
|
| Put: | In year 7
|
| Price talk: | 1.25-1.75%, up 61-66%
|
| Pricing date: | July 23
|
| Settlement: | Aug. 26
|
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