By Rebecca Melvin
New York, June 4 - Klöckner & Co Financial Services SA, a subsidiary of Klöckner & Co. SE, priced €97.9 million of five-year senior unsecured convertible bonds in a Regulation S deal to yield 6% with an initial conversion premium of 35%, according to a release.
The offering was "highly oversubscribed," the release said.
Proceeds are for general corporate purposes and future expansion.
The bonds priced at the rich end of the indicated range which was 6% to 7% for the coupon.
The conversion price has been set at €21.06.
J.P. Morgan and Deutsche Bank AG were acting as joint bookrunners, lead managers and sole syndicate members for the offering.
Duisburg, Germany-based Klöckner is a producer and distributor of steel products in Europe and North America.
| Issuer: | Klöckner & Co Financial Services SA
|
| Issue: | Convertible bonds
|
| Amount: | €97.9 million
|
| Maturity: | 2014
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion premium: | 35%
|
| Conversion price: | € 21.06
|
| Price talk: | 6%-7% for the coupon
|
| Bookrunner: | JP Morgan Securities and Deutsche Bank
|
| Pricing date: | June 4
|
| Distribution: | Reg. S
|
| Stock symbol: | Deutsche Börse: KCO
|
| Stock price: | €15.60
|
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