By Rebecca Melvin
New York, March 31 - Gecina SA priced an upsized €285 million of six-year convertible bonds Wednesday at par to yield 2.125% with an initial conversion premium of 35%, according to a news release.
The Regulation S offering priced at the rich end of talk, which was for a yield of 2.125% to 2.625% and an initial conversion premium of 30% to 35%.
There is a €35 million greenshoe for the offering, sold via Morgan Stanley, Credit Agricole CIB and BNP Paribas as joint bookrunners, with Lazard-Natixis as co-bookrunner and co-lead manager.
The bonds will be convertible into new shares and/or exchangeable for existing shares.
The bonds are non-callable for almost four years and provisionally callable as of Jan. 15, 2014 at a price trigger of 130%, according to a market source.
The bonds also have contingent conversion subject to a 130% trigger, prior to Jan. 1, 2014. Conversions may be net share settled. The bonds also have dividend and takeover protection.
Proceeds will be used for general financing needs and for future development projects.
The bonds will bear interest for the first time on Jan. 1, 2011. From the April 9 settlement date to Dec. 31, 2010, a pro rata temporis coupon will be payable on Jan. 1, 2011.
Paris-based Gecina owns and manages a portfolio of commercial and residential real estate.
| Issuer: | Gecina SA
|
| Issue: | Convertible exchangeable bonds
|
| Amount: | €285 million, upsized from €250 million
|
| Greenshoe: | €35 million
|
| Bookrunners: | Morgan Stanley, Credit Agricole CIB and BNP Paribas
|
| Maturity: | Jan. 1, 2016
|
| Coupon: | 2.125%
|
| Price: | Par
|
| Yield: | 2.125%
|
| Conversion premium: | 35%
|
| Conversion price: | €111.05
|
| Calls: | Non-callable until Jan. 1, 2014, then provisionally callable at 130%
|
| Contingent conversion: | Yes, at 130%
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Net share settlement: | Yes
|
| Price talk: | 2.125%-2.625%, up 30%-35%
|
| Pricing date: | March 31
|
| Settlement date: | April 9
|
| Distribution: | Regulation S
|
| Stock symbol: | Paris: GFC
|
| Market capitalization: | €5.2 billion
|
© 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.
