DiaSorin talks €500 million seven-year equity-linked bonds at negative 0.28%-0.25%, up 45%-50%

By Abigail W. Adams

Portland, Me., April 28 – DiaSorin SpA plans to price €500 million of seven-year equity-linked bonds on Wednesday with price talk for an offer price of par to 102, a coupon of 0% to 0.25%, a yield of negative 0.28% to 0.25% and an initial conversion premium of 45% to 50%, according to a market source.

Citigroup Global Markets Ltd. is the global coordinator and joint bookrunner for the Regulation S offering.

BNP Paribas, Mediobanca and UniCredit CIB are also joint bookrunners.

The bonds are non-callable until May 26, 2026 and then subject to a 130% hurdle.

They are putable upon a fundamental change.

The company will convene an extraordinary shareholder meeting to seek approval for the increase in share capital.

If shareholder approval is not obtained, the bonds will be called at the greater of 102% of their principal amount or 102% of the fair market value of the bonds.

Proceeds will be used to partially finance the acquisition of Luminex Corp. and for general corporate purposes.

DiaSorin is a Saluggia, Italy-based biotech company.

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