By Rebecca Melvin
New York, Oct. 18 - Aegean Marine Petroleum Network Inc. priced $75 million of five-year convertible senior notes at par after the market close Thursday to yield 4% with an initial conversion premium of 37.5%, according to a prospectus.
The registered, off-the-shelf deal came at the tight end of 4% to 4.5% coupon talk and beyond the tight end of 30% to 35% premium talk.
The deal has a greenshoe for up to $11.25 million and was sold by bookrunner Jefferies LLC.
The notes are non-callable until Nov. 1, 2016 and then are provisionally callable if shares exceed 140% of the conversion price. If the notes are called, the conversion rate for holders who convert may be increased.
There is takeover protection and dividend protection via conversion rate adjustments for dividends above $0.01 per quarter. The notes have net share settlement and contingent conversion.
Proceeds will be used for general corporate purposes and working capital, including repayment of short-term debt.
Aegean is an Athens, Greece-based marine fuel logistics company.
| Issuer: | Aegean Marine Petroleum Network Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $75 million
|
| Greenshoe: | $11.25 million
|
| Maturity: | Nov. 1, 2018
|
| Bookrunner: | Jefferies LLC
|
| Co-managers: | ABN Amro Securities (USA) LLC, BB&T Capital Markets, Cowen and Co.
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 37.5%
|
| Conversion price: | $14.23
|
| Conversion ratio: | 70.2679
|
| Call option: | Non-callable until Nov. 1, 2016, then provisionally callable at 140% price hurdle
|
| Put option: | No
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes, via conversion rate adjustments for dividends above $0.01 per quarter
|
| Net share settlement: | Yes
|
| Contingent conversion: | Yes
|
| Price talk: | 4%-4.5%, up 30%-35%
|
| Distribution: | Registered, off the shelf
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 23
|
| Stock symbol: | NYSE: ANW
|
| Stock reference price: | $10.35, at close Oct. 17
|
| Market capitalization: | $501 million
|
© 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.
