By Abigail W. Adams
Portland, Me., June 9 – Edenred SA priced €400 million sustainability-linked convertible bonds on Wednesday at 100.875 to yield negative 0.12% with an initial conversion premium of 37.5%, according to a company news release.
Credit Agricole CIB and Societe Generale were joint global coordinators and bookrunners for the offering, which was marketed to qualified institutional investors in accordance with the French monetary and financial code.
Barclays, BNP Paribas, Citi and JPMorgan also acted as joint bookrunners.
The bonds are non-callable until June 14, 2026 and then subject to a 130% hurdle.
If the company does not meet its sustainability-linked performance target by Dec. 31, 2025, the company will pay holders 0.5% of the par value of the convertible bonds.
Proceeds will be used for general corporate purposes.
Edenred is a Malakoff, France-based fintech company.
| Issuer: | Edenred SA
|
| Securities: | Sustainability-linked convertible bonds
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| Amount: | €400 million
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| Maturity: | June 14, 2028
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| Bookrunners: | Credit Agricole CIB, Societe Generale, Barclays, BNP Paribas, Citi and JPMorgan
|
| Coupon: | 0%
|
| Price: | 100.875
|
| Yield: | Negative 0.12%
|
| Conversion premium: | 37.5%
|
| Conversion price: | €64.79
|
| Conversion rate: | 1
|
| Call options: | Non-callable until June 14, 2026 and then subject to a 130% hurdle
|
| Pricing date: | June 9
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| Settlement date: | June 14
|
| Distribution: | Qualified institutional buyers in accordance with the French monetary code
|
| Stock symbol: | FP: EDEN
|
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| Market capitalization: | €47.22
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