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.
|
| Issue: | Exchangeable senior notes
|
| Exchange property: | International Power plc common stock
|
| Bookrunners: | ABN Amro Rothschild and Citigroup Global Markets
|
| Amount: | €200 million
|
| Greenshoe: | €30 million
|
| Maturity: | 2013
|
| Coupon: | 3.25%
|
| Price: | Par
|
| Yield: | 3.25%
|
| Conversion premium: | 35%
|
| Conversion price: | €5.64
|
| Call protection: | Non-callable 3 years
|
| Price talk: | 2.5%-3.25%, up 35%-40%
|
| Pricing date: | July 11
|
| Settlement date: | July 20
|
| Guarantees: | International Power plc
|
| Distribution: | Regulation S
|
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