Chicago, Jan. 18 – Promotora de Informaciones SA (Prisa) (Caa1/CCC+) is offering up to €129,999,500 1% subordinated convertible bonds, according to a market communication.
The par of €370 bonds come with a €0.37 conversion price.
The bonds are mandatorily convertible in five years, according to S&P Global Ratings.
Shareholders Amber Capital UK LLP and Vivendi, SE made a firm commitment for 45.01% of the issue.
Joint global coordinators and bookrunners for the Regulation S issue are JB Capital Markets, SV, SAU and Societe Generale.
Prisa relied on Houlihan Lokey (Europe) GmbH and Barclays as financial advisers.
Proceeds will be used to reduce Prisa’s syndicated financial debt. The company will be specifically aiming at paying down its most expensive debt, €190.06 million of floating-rate notes at Euribor plus 800 basis points, issued on Oct. 31, 2022.
The multimedia company is based in Madrid.
| Issuer: | Prisa - Promotora de Informaciones SA
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| Amount: | €129,999,500
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| Issue: | Subordinated convertible bonds
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| Tenor: | Five years
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| Bookrunners: | JB Capital Markets, SV, SAU and Societe Generale
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| Coupon: | 1%
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| Price: | Par of €370
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| Yield: | 1%
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| Conversion price: | €0.37 per share
|
| Announcement date: | Jan. 9
|
| Distribution: | Regulation S
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