By Rebecca Melvin
New York, Nov. 7 - The Hungarian National Asset Management Inc. has priced up to €903.8 million of 3.375% six-year bonds exchangeable for shares of Gedeon Richter plc, according to a news release. The initial conversion premium is 35%.
The Regulation S bonds came at the tight end of talked terms, which was for a 3.375% to 3.875% coupon and 30% to 35% initial conversion premium over the volume weighted average price of shares between launch and pricing.
Proceeds will be used to repurchase €833 million 4.4% exchangeable bonds due 2014 issued by Hungarian National Asset Management and also exchangeable into shares of Gedeon Richter. A tender offer and consent invitation is being held concurrently with the exchangeable offering.
The new exchangeable is being sold by Deutsche Bank AG, London Branch and UniCredit Bank AG, London Branch as joint lead managers and joint bookrunners.
Settlement is expected to take place Dec. 6.
Gedeon Richter is tendering for the €52 million of existing bonds it currently holds and subscribing for the same amount of new bonds.
Application will be made to list the new bonds on an internationally recognized stock exchange.
Gedeon is a pharmaceutical company located in Budapest, Hungary.
| Issuer: | Hungarian National Asset Management Inc.
|
| Issue: | Exchangeable bonds
|
| Exchangeable entity: | Gedeon Richter plc
|
| Joint bookrunners: | Deutsche Bank AG, London Branch and UniCredit Bank AG, London Branch
|
| Amount: | Up to €903.8 million
|
| Maturity: | 2019
|
| Coupon: | 3.375%
|
| Price: | Par
|
| Yield: | 3.375%
|
| Conversion premium: | 35%
|
| Conversion price: | €19.2109 shares
|
| Price talk: | 3.375%-3.875%, up 30%-35%
|
| Pricing date: | Nov. 6
|
| Settlement date: | Dec. 6
|
| Distribution: | Regulation S
|
| Stock reference price: | HUF 4,226.40 (exchange rate Euro: HUF 297.00)
|
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