By Rebecca Melvin
New York, Feb. 24 Grand City Properties SA priced an upsized 450 million of 0.25%, six-year convertible bonds, each at 100,000 par, and with an initial conversion premium of 45% above the volume-weighted average price of common shares between launch and pricing on Wednesday, according to a news release.
The Regulation S deal was initially talked at up to 400 million in size.
The bonds priced at par despite initial talk that they would be marketed with a price ranging between 98.5% and 100% of their principal amount.
The initial conversion price was set at 26.9713, which represented the rich end of premium talk of 40% to 45%. The 0.25% coupon represented the fixed point of price talk.
The company plans to list the bonds on the Open Market of the Frankfurt Stock Exchange.
Proceeds will be used to fund the companys growth strategy and/or repayment of loans.
Berenberg, J.P. Morgan Securities plc and UBS Ltd. are acting as joint bookrunners of the deal.
Luxembourg-based Grand City Properties is a residential property investment company focused on real estate in Germany.
| Issuer: | Grand City Properties SA
|
| Issue: | Convertible bonds
|
| Amount: | 450 million, upsized from 400 million
|
| Maturity: | 2022
|
| Bookrunners: | Berenberg, J.P. Morgan Securities plc, UBS Ltd.
|
| Coupon: | 0.25%
|
| Price: | Par, 100,000
|
| Conversion premium: | 45%
|
| Conversion price: | 26.9713
|
| Price talk: | 0.25%, up 40%-45%
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 2
|
| Distribution: | Regulation S
|
| Stock symbol: | Xetra: GYC
|
| Stock price: | 18.45, intraday on Feb. 24
|
| Market capitalization: | 2.839 billion
|
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