New York, Oct. 4 – Archer Obligations announced the exchange price for its €375 million offering of 0% non-dilutive cash-settled bonds due 2023 exchangeable for ordinary shares of Kering.
The price is €452.0606 and the exchange ratio is 221.2093, according to a company announcement.
The exchangeables priced at 102.25% of par to yield negative 0.4% with a 35% initial exchange premium on Sept. 19. The exchange price was to be set subsequently.
Credit Agricole CIB, Natixis, Societe Generale, BNP Paribas and CM-CIC Market Solutions were the bookrunners, each subscribing for 20% of the total amount.
Until Oct. 31, 2022, holders may only exercise the exchange option if the bonds trade below 97% of parity value for five out of 10 trading days or if the bonds are called, there is a change of control, a default or a distribution worth more than the stock value.
The bonds can be redeemed at any time if there is less than 15% of the principal amount of the issue left outstanding or if there is a change in French law.
Bondholders can put the issue upon a change of control.
Proceeds will be used for general corporate purposes.
The new issuance is part of Groupe Artemis’ strategy for the optimization of its financial structure and the diversification of its sources of financing. The proceeds will allow the company to extend is average debt maturity by optimizing costs.
Archer is a 98.38%-owned subsidiary of Artemis.
| Issuer: | Archer Obligations
|
| Securities: | Non-dilutive, cash-settled bonds
|
| Exchange security: | Kering
|
| Amount: | €375 million
|
| Maturity: | March 31, 2023
|
| Bookrunners: | Credit Agricole CIB, Natixis, Societe Generale, BNP Paribas and CM-CIC Market Solutions
|
| Coupon: | 0%
|
| Price: | 102.25% of par
|
| Par: | €100,000
|
| Yield: | Negative 0.40%
|
| Exchange premium: | 35%
|
| Exchange price: | €452.0606
|
| Exchange ratio: | 221.2093
|
| Contingent exchange: | Yes, if bonds trade below 97% of parity value for five out of 10 trading days
|
| Call options: | If there is less than 15% of the principal amount of bonds left outstanding, or upon a change in law
|
| Put options: | Upon a change of control
|
| Pricing date: | Sept. 19
|
| Settlement date: | Sept. 22
|
| Distribution: | Regulation S
|
| Stock symbol: | Paris: KER
|
| Stock price: | €334.40 as of Sept. 21 close, reference price is €334.8597
|
| Market capitalization: | €42.453 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.
