Cellnex repurchases €800 million of 1.5% convertibles due 2026

Chicago, July 28 – Cellnex Telecom, SA announced a repurchase of its 1.5% senior convertible bonds due 2026 (ISIN: XS1750026186), according to a press release.

The bonds were issued in two parts: €600 million on Jan. 16, 2018 and then a follow-on offering of €200 million issued on Jan. 21, 2019, consolidated and formed into a single series.

There were €795.4 million of the bonds outstanding on July 27.

The company collected indications of interest for 99% of the bonds to buy them at €134,656 per bond plus €863.01 in interest to the settlement date for a total principal amount of €787.6 million.

The purchase price was €130,500, delta-adjusted for the difference between Friday’s VWAP and the closing price on July 27.

Any remaining bonds repurchased between Friday and the settlement date of Aug. 14 will be repurchased at the same price.

BNP Paribas, Jefferies and J.P. Morgan acted as joint dealer managers for the repurchase.

The repurchase opportunity was open to Regulation S investors.

The company may exercise a clean-up call if there are only 15% of the bonds outstanding.

Tendering bondholders had the opportunity for priority allocation in a concurrent new issue.

Cellnex operates telecommunications and broadcast antenna towers in Spain, Italy, France and the Netherlands. The company is based in Madrid.

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