By Rebecca Melvin
New York, Sept. 6 – Talend SA priced €125 million of five-year convertible notes at par to yield 1.75% with an initial conversion premium of 47.5%, according to market sources on Friday.
The Rule 144A deal carries an €18.75 million greenshoe.
Pricing occurred at the cheap end of talk, which was for a 1.25% to 1.75% coupon and 47.5% to 52.5% premium.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were bookrunners of the deal.
The notes are non-callable until Sept. 6, 2022, and then provisionally callable for two years at a price hurdle of 130%.
Talend plans to use the net proceeds for working capital and other general corporate purposes, which may include capital expenditures, potential acquisitions and strategic transactions.
Conversions will be settled in cash, ordinary shares or a combination thereof.
The Redwood City, Calif., company offers a software platform that integrates data and applications in real time across modern big data and cloud environments, as well as traditional systems, allowing organizations to develop a unified view of their business and customers.
| Issuer: | Talend SA
|
| Securities: | Convertible senior notes
|
| Amount: | €125 million
|
| Greenshoe: | €18.75 million
|
| Maturity: | Sept. 1, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Yield: | 1.75%
|
| Conversion premium: | 47.5%
|
| Conversion price: | $51.75
|
| Conversion rate: | 19.3234
|
| Call options: | Non-callable until Sept. 6, 2022, then provisionally callable if stock trades above 130% of the conversion price
|
| Net share settlement: | Yes
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 13
|
| Distribution: | Rule 144A
|
| Talk: | 1.25%-1.75%, up 47.5%-52.5%
|
| Stock symbol: | Nasdaq: ADR: TLND
|
| Stock price: | $38.72, as of Sept. 5 close
|
| Market capitalization: | $1.17 billion
|
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