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Lonza CHF 330 million convertible talked to yield 1.125%-1.625%, up 30%-35%
Nashville, June 28 - Lonza Group AG on Tuesday launched a CHF 330 million convertible talked with a coupon range of 1.25% to 1.625% and initial conversion premium of between 30% and 35%.
Credit Suisse First Boston and Deutsche Bank Securities are joint bookrunners of the deal, which was expected to price Tuesday or Wednesday, according to market sources.
The four-year bond may be increased by CHF 50 million, in addition to there being a CHF 50 million greenshoe available.
The Swiss pharmaceuticals and chemicals concern has earmarked proceeds to refinance debt due next year and for general purposes.
Lonza shares spent much of Tuesday's session in lower territory but closed the day higher by CHF 0.30, or 0.43%, at CHF 69.80 in Europe.
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