New York, Oct. 11 – Figeac Aero priced €100 million of 1.125% convertible bonds due 2022 on Wednesday in the Ornane structure with a 30% initial conversion premium, according to two press releases.
The deal came at the cheap end of talk for a premium of 30% to 35% and within talk for a coupon of 0.75% to 1.375%.
BNP Paribas and Oddo BHF SCA were joint lead managers and joint bookrunners for the transaction, which was sold to institutional and qualified investors.
Conversions will be settled in cash up to the par value of the bond and cash, stock or a combination for any remainder. However the company has the option to settle conversions fully in stock.
Proceeds will be used to fund the company’s organic and external growth strategy and to diversify its financing sources.
Figeac Aero is a Figeac, France-based maker of light alloy and hard metal structural parts, engine parts, landing gear parts and sub-assemblies for the aerospace industry.
| Issuer: | Figeac Aero
|
| Issue: | Ornanes convertible bonds
|
| Amount: | €100 million
|
| Maturity: | Oct. 18, 2022
|
| Bookrunners: | BNP Paribas and Oddo BHF SCA
|
| Coupon: | 1.125%
|
| Price: | Par of €25.72
|
| Yield: | 1.125%
|
| Initial conversion premium: | 30%
|
| Conversion price: | €25.72
|
| Conversion ratio: | 1
|
| Call: | Nov. 18, 2020 onwards subject to 130% stock price hurdle
|
| Net share settlement: | Yes
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 18
|
| Talk: | 0.75% to 1.375%, up 30% to 35%
|
© 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.
