By Rebecca Melvin
New York, Sept. 4 - Euronav NV priced a downsized $125 million offering of six-year senior unsecured convertible bonds at par to yield 6.5%, with an initial conversion premium of 25%, according to a release.
The Regulation S deal was originally expected to be up to $200 million in size.
Pricing occurred at the cheap end of talk, which was between 6% and 6.5% for the coupon, and between 25% and 30% for the initial conversion price.
Proceeds from the issue, which was sold via HSBC Bank plc as lead manager, ING Belgium SA/NV as co-manager, and Clarkson Investment Services Ltd. as placing agent, will be used to diversify funding sources, strengthen balance sheet liquidity, for general corporate and working capital purposes, and to fund potential acquisitions.
The bonds are expected to be listed on the official list of the Luxembourg Stock Exchange and to trade on the Luxembourg Stock Exchange's Euro MTF Market. Settlement is expected by Sept. 24.
Antwerp, Belgium-based Euronav is an independent oil tanker company.
| Issuer: | Euronav NV
|
| Issue: | Convertible bonds
|
| Bookrunner: | HSBC, ING Belgium and Clarkson Investment
|
| Amount: | $125 million, downsized from $200 million
|
| Greenshoe: | $15 million
|
| Maturity: | 2015
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion premium: | 25%
|
| Conversion price: | €16.28375, or $23.16852 at a euro/dollar exchange rate of 1.4228
|
| Price talk: | 6%-6.5, up 25%-30%
|
| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 24
|
| Distribution: | Regulation S
|
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