By Rebecca Melvin
Concord, N.H., Sept. 15 – Mondelez International Holdings Netherlands BV, a subsidiary of Mondelez International Inc., priced €300 million guaranteed zero-coupon bonds due 2024, which are exchangeable for existing ordinary shares of JDE Peet’s NV, according to a company news release on Wednesday.
The exchangeable bonds (expected rating: A3/BBB) priced at 102 for a yield to maturity of minus 0.66%, and an initial exchange premium of 30%.
Pricing came at the cheap end of talk for the issue price between 102 and 103.5, yield to maturity talk of minus 1.14% to minus 0.66% and initial exchange premium talk of 30% to 35%.
The securities are non-callable until Sept. 20, 2023 and may then be redeemed in cash or exchanged for ordinary shares of JDE Peet's at a 130% price hurdle.
Proceeds are expected to be used for general corporate purposes, including funding the acquisition of Chipita SA.
Application will be made to list the bonds for trading on the Euronext Dublin or Frankfurt Stock Exchange or another internationally recognized stock exchange or securities market.
Mondelez is a snack and beverage company based in Chicago and operating in about 160 countries.
JDE Peet’s is part of the Dutch beverage company Jacobs Douwe Egberts, which is partly owned by Mondelez.
| Issuer: | Mondelez International Holdings Netherlands BV
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| Guarantor: | Mondelez International Inc.
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| Exchange entity: | JDE Peet’s NV
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| Issue: | Exchangeable senior bonds
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| Amount: | €300 million
|
| Maturity: | Three years
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| Coupon: | 0%
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| Price: | 102
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| Yield: | Minus 0.66%
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| Initial exchange premium: | 30%
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| Initial exchange price: | €35.40
|
| Call options: | Non-callable until Sept. 20, 2023, then callable at a 130% price hurdle
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Ratings: | Moody’s: A3
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| S&P: BBB
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| Distribution: | Regulation S
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| Stock price: | €27.68 as of close on Sept. 15
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| Stock symbol: | Amsterdam: JDEP
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| Price talk: | Yield to maturity minus 1.14% to minus 0.66%, issue price 102-103.5, premium 30%-35%
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