Edenred launches up to €500 million convertibles to yield minus 1.06% to minus 1.53%, up 35%-40%

By Rebecca Melvin

New York, Sept. 3 – Edenred SA announced an offering of bonds convertible into and/or exchangeable for new and/or existing shares due 2024 for a maximum nominal amount of €500 million, according to a company announcement on Monday.

The Oceanes were talked at a price range of 105.5% to 108.0% of par, which corresponds to a yield to maturity comprised between minus 1.06% and minus 1.53% and will not bear interest. The nominal unit value of the bonds will be set at a premium of 35% to 40% above Edenred’s reference share price on the regulated market of Euronext in Paris.

The final terms are expected to be announced late Tuesday with settlement-delivery to take place on Sept. 6.

Unless previously converted, exchanged, redeemed or purchased and cancelled, the bonds will be redeemed at par on Sept. 6, 2024.

The bonds may be redeemed prior to maturity at the option of the company under certain conditions from Sept. 6, 2022 until maturity.

Bondholders may put the bonds at par upon a change of control leading to a rating downgrade.

The net proceeds of the offering will be used by the company for general corporate purposes, including the financing of potential external growth operations.

The business services company is based in Malakoff, France.

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