By Kenneth Lim
Boston, April 27 - Germany's EM.TV Ag on Thursday priced €87.75 million of seven-year convertible bonds within talk at a coupon of 5.25% and an initial conversion premium of 34.94%.
The convertibles, which are offered to EM.TV's existing shareholders through a rights issue, were talked at a coupon of 4.75% to 5.75% and an initial conversion premium of 30% to 35%.
The convertibles are issued through EM.TV's finance subsidiary, EM.TV Finance BV, but will be guaranteed by the parent.
Merrill Lynch International was the bookrunner.
The proceeds of the deal will be used for the early redemption of an outstanding €37.1 million of 8% bonds with attached warrants on June 30. The proceeds will also be used to redeem an outstanding €23.1 million of a 4% convertible bond on Jan. 9, 2007.
EM.TV is a Munich, Germany-based producer of sports and entertainment television programs.
| Issuer: | EM.TV Finance BV
|
| Guarantees: | EM.TV Ag
|
| Issue: | Convertible notes
|
| Amount: | €87.75 million
|
| Maturity: | Seven years
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion premium: | 34.94%
|
| Conversion price: | €5.85
|
| Bookrunner: | Merrill Lynch International
|
| Pricing date: | April 27
|
| Settlement date: | May 2
|
| Symbol: | Xetra: EV4
|
| Price talk: | 4.75%-5.75%, up 30%-35%
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