By Wendy Van Sickle
Columbus, Ohio, June 15 – Umicore SA priced €500 million of 0% convertible bonds due 2025 at par on Tuesday with an initial conversion premium of 32.5%, according to a news release.
The conversion premium was in the middle of talk of a 27.5% to 37.5% initial conversion premium.
J.P. Morgan Securities plc is the global coordinator and bookrunner for the offering, which is being marketed to qualified investors in the United Kingdom and European Economic Area.
The notes are non-callable until July 14, 2023 and then subject to a 130% hurdle.
The company will convene a shareholder meeting by April 30, 2021 to seek approval for certain provisions of the bond. If the provisions are not approved, the bonds will be redeemed at the greater of 102% of the principal amount or 102% of the fair market value for the bonds.
There is a concurrent equity offering for subscribers of the bonds at a placement price of €41.75 to help facilitate hedging transactions.
Proceeds will be used for general corporate purposes and to fund strategic developments in the company’s clean mobility materials and recycling areas.
Umicore is a Brussels based global materials technology and recycling group.
| Issuer: | Umicore SA
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| Issue: | Bonds
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| Amount: | €500 million
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| Maturity: | June 23, 2025
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| Bookrunner: | J.P. Morgan Securities plc
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| Coupon: | 0%
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| Conversion premium: | 32.5%
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| Conversion price: | €55.32
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| Call: | Non-callable until July 14, 2023, then subject to a 130% hurdle
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| Pricing date: | June 15
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| Settlement date: | June 23
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| Talk: | Initial conversion premium of 27.5%-37.5%
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| Reference share price: | €41.75, price of share in concurrent equity offering
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