By Rebecca Melvin
New York, March 13 - ACS Actividades Finance 2 BV, a subsidiary of ACS Actividades de Construccion y Servicios SA, priced €405.6 million five-year bonds exchangeable for shares of Iberdrola SA to yield 1.625% with an initial conversion premium of 32.5%, according to a regulatory release.
Pricing of the €100,000 par, Regulation S bonds came at the midpoint of 1.25% and 2% coupon talk and 30% to 35% premium talk.
Joint lead managers of the deal were Banco Bilbao Vizcaya Argentaria, SA, Credit Agricole CIB, the Royal Bank of Scotland plc and UniCredit Bank AG London Branch.
The bonds are non-callable until April 17, 2017 and then are provisionally callable if Iberdrola shares exceed 130% of the exchange price.
There is an investor put on March 27, 2017. The bonds can also be redeemed by holders in the event of a change of control.
Proceeds will be used to finance the company's ordinary activities and to refinance existing debt.
The issuer is applying to list the bonds on the open market of the Frankfurt stock exchange.
Madrid-based ACS is an infrastructure and civil works construction and services company.
Iberdrola is a utility located in Bilbao, Spain.
| Issuer: | ACS Actividades Finance 2 BV
|
| Guarantor: | ACS Actividades de Construccion y Servicios SA
|
| Issue: | Exchangeable bonds
|
| Exchange entity: | Iberdrola SA
|
| Amount: | €405.6 million
|
| Maturity: | March 27, 2019
|
| Joint lead managers: | Banco Bilbao Vizcaya Argentaria, SA, Credit Agricole CIB, the Royal Bank of Scotland plc and UniCredit Bank AG London Branch
|
| Coupon: | 1.625%
|
| Price: | Par
|
| Yield: | 1.625%
|
| Exchange premium: | 32.5%
|
| Exchange price: | €6.419
|
| Calls: | Non-callable until April 17, 2017, then provisionally callable at 130% price hurdle
|
| Puts: | March 27, 2017
|
| Takeover protection: | Yes
|
| Price talk: | 1.25%-2%, up 30%-35%
|
| Pricing date: | March 13
|
| Settlement date: | March 27
|
| Stock symbol: | Madrid: IBE
|
| Stock price: | €4.79 as of close March 13
|
| Distribution: | Regulation S
|
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