Published on 9/3/2003 in the Prospect News Convertibles Daily.
New Issue: lastminute.com sells €103 million convertible at 6.0% yield, up 27.5%
By Ronda Fears
Nashville, Sept. 3 - lastminute.com sold €300 million of five-year convertible bonds at par to yield 6.0% with a 27.5% initial conversion premium, via sole bookrunner Merrill Lynch International.
The European online travel site said proceeds would be used to fund acquisitions, projects and capital to consolidate and accelerate the company's development across Europe.
Terms of the deal are:
Issuer: lastminute.com
Issue: | Convertible bonds
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Bookrunner: | Merrill Lynch International
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Joint lead manager: | Cazenove & Co. Ltd.
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Amount | €103 million
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Maturity: | 2008
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Coupon: | 6.0%
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Price: | Par
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Redemption Price: | Par
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Yield: | 6.0%
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Conversion premium: | 27.5%
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Conversion price: | 364.5p
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Conversion ratio: | 2.7435
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Pricing date: | Sept. 3
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Settlement: | Sept. 12
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Distribution: | Regulation S
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