By Ronda Fears
Nashville, July 8 - 3i Group plc sold €500 million of five-year convertible bonds at par to yield 1.375% with a 45% initial conversion premium, via bookrunning lead manager Merrill Lynch International.
The Regulation S deal sold at the cheaper end of yield talk for a 1.0% to 1.625% coupon and at the cheapest end of premium guidance of 45% to 50%.
Deutsche Bank Securities put the deal, at the final terms, 3.87% cheap, using a credit spread of 65 basis points over Libor and a 40% stock volatility.
Terms of the new deal are:
Issuer: 3i Group plc
| Issue: | Convertible bonds
|
| Bookrunner: | | Merrill Lynch International
|
| Joint lead manager: | Dresdner Kleinwort Wasserstein Ltd.
|
| Co-Manager: | Barclays Capital
|
| Amount | €500 million
|
| Greenshoe: | €50 million
|
| Maturity: | July 9, 2008
|
| Coupon: | 1.375%
|
| Price: | Par
|
| Redemption price: | Par
|
| Yield: | 1.375%
|
| Conversion premium: | 45%
|
| Conversion price: | 841.676p
|
| Conversion ratio: | 1.1881
|
| Call: | Non-callable for 5 years
|
| Price talk: | 1.0-1.625%, up 45-50%
|
| Pricing date: | July 9
|
| Settlement: | Aug. 1
|
| Distribution: | Regulation S
|
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