By Abigail W. Adams
Portland, Me., June 10 – Aptiv plc priced $1 billion, or 10 million shares, of three-year par-of-$100 series A mandatory convertible preferred stock after the market close on Tuesday with a dividend of 5.5% and a threshold appreciation premium of 22.5%, according to an FWP filing with the Securities and Exchange Commission.
Pricing came at the midpoint of talk for a dividend of 5.25% to 5.75% and at the rich end of talk for a threshold appreciation premium of 17.5% to 22.5%, according to a market source.
Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. were joint lead bookrunners for the registered offering, which carries a greenshoe of $150 million, or 1.5 million shares.
Barclays, BofA Securities Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were also bookrunning managers.
The company also priced a concurrent $1 billion, or 13,173,495 share, offering of ordinary shares at a public offering price of $75.91.
The secondary offering carries a greenshoe of $150 million, or 1,976,024 shares.
Net proceeds from the mandatory convertible and common share offerings are each expected to be $970 million, or $1.115 billion if the greenshoes are exercised in full.
Proceeds will be used for general corporate purposes.
Aptiv is a Dublin, Ireland-based technology and mobility company.
| Issuer: | Aptiv plc
|
| Securities: | Series A mandatory convertible preferred shares
|
| Amount: | $1 billion, or 10 million shares
|
| Greenshoe: | $150 million, or 1.5 million shares
|
| Maturity: | June 15, 2023
|
| Bookrunners: | Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Barclays, BofA Securities Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | BNP Paribas, SMBC Nikko, Societe Generale, MUFG, TD Securities, UniCredit Capital Markets and U.S. Bancorp
|
| Dividend: | 5.5%
|
| Price: | Par of $100
|
| Yield: | 5.5%
|
| Appreciation premium: | 22.5%
|
| Appreciation price: | $92.99
|
| Conversion rate: | Maximum of 1.3173 and minimum of 1.0754
|
| Pricing date: | June 9
|
| Settlement date: | June 12
|
| Distribution: | Registered
|
| Talk: | Dividend of 5.25% to 5.75% and threshold appreciation premium of 17.5% to 22.5%
|
| Stock symbol: | NYSE: APTV
|
| Stock reference price: | $75.91 in concurrent offering
|
| Market capitalization: | $19.35 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.
