By Rebecca Melvin
New York, June 15 - Nexans priced €190 million of 6.5-year convertible bonds in the Oceane structure within talk to yield 4% with an initial conversion premium of 30%, according to a news release.
The Regulation S bonds were sold at par of €53.15, and each Oceane is convertible into one Nexans share.
The issue came at the midpoint of talk, which was for a coupon of 3.75% to 4.25% and for a 28% to 32% initial conversion premium.
There is a greenshoe for an additional €22.6 million.
BNP Paribas Securities Corp. is lead manager and bookrunner.
Proceeds are for general corporate purposes, including financing medium- and long-term growth and reinforcing the company's financial flexibility, including lengthening debt maturities, the first of which occurs in late 2012.
Settlement is expected on June 23.
Holders can put the bonds on Jan. 1, 2015.
Paris-based Nexans is a cable maker for the energy, transport and telecom industries.
| Issuer: | Nexans
|
| Issue: | Convertible Oceane bonds
|
| Amount: | €190 million
|
| Greenshoe: | €22.6 million
|
| Maturity: | Jan. 1, 2016
|
| Bookrunner: | BNP Paribas Securities Corp.
|
| Coupon: | 4%
|
| Price: | Par, €53.15
|
| Yield: | 4%
|
| Conversion premium: | 30%
|
| Conversion price: | €40.89
|
| Price talk: | 3.75%-4.25%, up 28%-32%
|
| Puts: | On Jan. 1, 2015
|
| Pricing date: | June 15
|
| Settlement date: | June 23
|
| Distribution: | Regulation S
|
| Listing: | NYSE Euronext Paris
|
| Symbol: | NEX
|
| Stock price: | €39.51
|
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