By Rebecca Melvin
New York, Oct. 2 - EFG Ora Funding Ltd. III, a subsidiary of EFG Bank European Financial Group SA, priced €250 million of five-year bonds, exchangeable into EFG Bank European Financial Group, to yield 1.7% with an initial conversion premium of 35%, according to a news release.
The senior unsecured bonds priced at the rich end of talk for the coupon, which was 1.7% to 1.95%, and at the talked price point for the initial conversion premium.
The bonds will be non-callable for three years and then provisionally callable at a price hurdle of 130% of the price of Eurobank EFG ordinary shares on the Athens Stock Exchange.
Settlement is expected Oct. 29.
Joint bookrunners are Barclays Capital and UBS Investment Bank, with EFG Eurobank Ergasias acting as senior co-lead manager.
Net proceeds will be lent by the issuer to companies controlled by the European Financial Group EFT (Luxembourg).
Applications will be made for the Exchangeable Securities to be listed on the Official List of the Luxembourg Stock Exchange and for admission of the Exchangeable Securities to trading on the Luxembourg Stock Exchange's EuroMTF Market.
EFG is a banking and financial services company based in Athens, Greece.
| Issuer: | EFG Ora Funding Ltd. III
|
| Issue: | Exchangeable senior unsecured bonds
|
| Exchangeable entity: | EFG Bank European Financial Group SA
|
| Amount: | €250 million
|
| Maturity: | October 2014
|
| Bookrunners: | Barclays Capital and UBS Investment Bank
|
| Senior co-lead manager: | EFG Eurobank Ergasias
|
| Coupon: | 1.7%
|
| Price: | Par
|
| Yield: | 1.7%
|
| Conversion premium: | 35%
|
| Conversion price: | €14.339
|
| Calls: | Non-callable for three years, then provisionally callable at price hurdle of 130%
|
| Put: | No puts
|
| Price talk: | 1.7%-1.95%, up 35%
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 29
|
| Distribution: | Regulation S
|
| Stock reference price: | €10.6209
|
© 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.
