By Abigail W. Adams
Portland, Me., June 15 – Claranova priced €28.99 million in five-year Ornanes on Friday with a coupon of 5% and an initial conversion premium of 18%, according to a company release.
Octo Finances was bookrunner for the private offering in the member states of the European Economic Area.
The Ornanes are redeemable through buyback or exchange offers and are callable subject to a 135% hurdle or if less than 10% of the issued Ornanes are outstanding. They are puttable upon a change of control.
The bonds will be listed for trade on the Euronext Access market.
Proceeds will be used to fund the acquisition of the Canadian companies Upclick, Lulu Software and Adaware for approximately €13 million with the remaining amount to be used for general corporate purposes.
Claranova is a Paris-based software company focused on digital printing, management of the Internet of Things and e-commerce.
| Issuer: | Claranova
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| Securities: | Ornanes
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| Amount: | €28.99
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| Maturity: | July 1, 2023
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| Bookrunners: | Octo Finances
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| Coupon: | 5%
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| Price: | Par of €1.10
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| Conversion premium: | 18%
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| Conversion price: | €1.10
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| Conversion rate: | 1
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| Call options: | Callable subject to a 135% hurdle
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| Put options: | Upon a fundamental change
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| Pricing date: | June 15
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| Settlement date: | June 19
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| Stock symbol: | EPA: CLA
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| Stock price: | €0.93
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| Market capitalization: | €373.5 million
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