New Issue: Bank Austria sells €204 million exchangeable, into Weinerberger, at 1.25%, up 16%

Nashville, Dec. 11 - Bank Austria Creditanstalt AG sold €560 million of three-year exchangeable bonds at par to yield 1.25% with a 16% initial conversion premium via joint bookrunners HVB Group and Goldman Sachs International.

The bonds convert into shares of brickmaker Weinerberger.

The deal sold at the more aggressive end of yield talk of 1.0% to 1.75% and at the cheap end of premium guidance for 16% to 20%.

Terms of the convertible offering are:

Issuer:	Bank Austria Creditanstalt A.G.
Reference shares:	Weinerberger
Issue:	Exchangeable bonds
Joint bookrunners:	HVB Group and Goldman Sachs International
Amount:	€204 million
Maturity:	Jan. 15, 2007
Coupon:	1.25%
Price:	Par
Redemption price:	Par
Yield:	1.25%
Conversion premium:	16%
Conversion price:	€23.991
Conversion ratio:	41.682
Call:	Non-callable for 2 years, then with 120% hurdle
Price talk:	1.0-1.75%, up 16-20%
Pricing date:	Dec. 11

© 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.