By Kenneth Lim
Boston, July 11 - London's International Power plc on Tuesday priced €200 million of seven-year exchangeable senior notes at the cheap end of talk, with a coupon of 3.25% and an initial exchange premium of 35%.
The exchangeables were offered at par through special purpose vehicle International Power Finance (Jersey) II Ltd. but are guaranteed by International Power. Price talk was for a coupon of 2.5% to 3.25% and an initial exchange premium of 35% to 40%. The initial exchange price is €5.64 per share.
The over-allotment option is for a further €30 million.
ABN Amro Rothschild and Citigroup Global Markets were the bookrunners of the Regulation S deal. The exchangeables will trade in London.
The exchangeables are non-callable for the first three years.
International Power, which owns power stations around the world, said proceeds of the deal will be used to help fund the $288 million equity component of its acquisition of the 632 megawatt Coleto Creek coal-fired power plant in Texas.
Issuer: | International Power Finance (Jersey) II Ltd.
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Issue: | Exchangeable senior notes
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Exchange property: | International Power plc common stock
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Bookrunners: | ABN Amro Rothschild and Citigroup Global Markets
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Amount: | €200 million
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Greenshoe: | €30 million
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Maturity: | 2013
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Coupon: | 3.25%
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Price: | Par
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Yield: | 3.25%
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Conversion premium: | 35%
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Conversion price: | €5.64
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Call protection: | Non-callable 3 years
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Price talk: | 2.5%-3.25%, up 35%-40%
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Pricing date: | July 11
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Settlement date: | July 20
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Guarantees: | International Power plc
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Distribution: | Regulation S
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