By Abigail W. Adams
Portland, Me., March 16 FNAC Darty priced 200 million of notes in the Oceanes structure on Tuesday at par with a coupon of 0.25% and an initial conversion premium of 50%, according to a company news release.
Pricing came at the midpoint of talk for a coupon of 0% to 0.5% and at the cheap end of talk for an initial conversion premium of 50% to 55%, according to a company news release.
The bonds were marketed to qualified investors in the European Economic Area.
The Oceanes are non-callable until April 13, 2025 and then subject to a 130% hurdle.
They are putable upon a change of control.
The securities will trade on the open market of Euronext Paris.
Proceeds will be used to repay debt, including the companys 200 million medium-term loan due April 2023.
FNAC Darty is an Ivry-sur-Seine, France-based electrical retailing company.
| Issuer: | FNAC Darty
|
| Securities: | Exchangeable notes in Oceanes structure
|
| Amount: | 200 million
|
| Maturity: | March 23, 2027
|
| Coupon: | 0.25%
|
| Price: | Par
|
| Yield: | 0.25%
|
| Conversion premium: | 50%
|
| Conversion price: | 81.03
|
| Call options: | Non-callable until April 13, 2025 and then subject to a 130% hurdle
|
| Put options: | Upon a change of control
|
| Pricing date: | March 16
|
| Settlement date: | March 23
|
| Distribution: | European Economic Area
|
| Talk: | Coupon of 0% to 0.5% and initial conversion premium of 50% to 55%
|
| Stock symbol: | EPA: FNAC
|
| Stock price: | 55.70
|
| Market capitalization: | 1.48 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.
