By Abigail W. Adams
Portland, Me., Nov. 1 – Sasol Financing USA LLC priced $750 million of convertible bonds due 2027 in a Regulation S offering on Tuesday at par with a coupon of 4.5% and an initial conversion premium of 30%, according to a company news release.
Pricing came at the cheap end of talk for a coupon of 4% to 4.5% and an initial conversion premium of 30% to 35%.
BofA Securities Inc. is sole global coordinator for the offering and joint bookrunner with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Lead managers include Mizuho Securities USA Inc., MUFG and SMBC Nikko Securities America Inc.
The convertible bonds are non-callable until Nov. 29, 2025 and then if their parity value is equal to or greater than $260,000.
The bonds are putable upon a change of control or delisting event.
The bonds will be traded on the Frankfurt Stock Exchange.
The bonds are subject to shareholder approval with a general meeting to be convened within 14 days of the closing date.
If shareholder approval is not granted, the company may redeem the notes at 102% of their principal or fair market value.
Proceeds will be used for general corporate purposes, including the refinancing of debt.
Sasol is a Johannesburg-based energy and chemicals company.
| Issuer: | Sasol Financing USA LLC
|
| Amount: | $750 million
|
| Issue: | Guaranteed senior convertible bonds
|
| Maturity: | Nov. 8, 2027
|
| Global coordinator: | BofA Securities Inc.
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Lead managers: | Mizuho Securities USA Inc., MUFG and SMBC Nikko Securities America Inc.
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 30%
|
| Conversion price: | $20.3863
|
| Call options: | Non-callable until Nov. 29, 2025 and then if their parity value is equal to or greater than $260,000
|
| Put options: | Upon a change of control or delisting event
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 8
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 4% to 4.5% and initial conversion premium of 30% to 35%
|
| Stock symbol: | FRA: SAO
|
| Market capitalization: | €10.07 billion
|
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