Eurazeo bumps Danone exchangeables to €700 million with greenshoe

By Jennifer Chiou

New York, June 3 - Eurazeo SA announced that the €90 million over-allotment option was fully exercised, augmenting its offering of five-year bonds exchangeable into common stock of Danone SA to €700 million.

On May 28, the company priced €610 million of the bonds to yield 6.25% with an initial conversion premium of 25% over the volume-weighted average price of the stock on May 28. The deal amount was initially set at €500 million.

In all, Eurazeo issued 15,469,613 of the bonds at €45.25 each. Each bond is exchangeable for one Danone share.

BNP Paribas Securities Corp. and Calyon were the bookrunners of the Regulation S offering.

Proceeds will be used to partially refinance Eurazeo's existing debt relating to its holding in Danone by extending the financing maturity to 2014 from 2011. The Danone shares underlying the bonds represent about 56% of Eurazeo's holdings.

Eurazeo is a Paris-based investment company. Danone is a Paris-based food processing company.

© 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.