By Abigail W. Adams
Portland, Me., Nov. 29 – Maisons Du Monde priced €200 million in convertible notes due 2023 to yield 0.125% with an initial conversion premium of 42.5% at the rich end of talk on Wednesday.
Price talk was for a coupon of 0.125% to 0.625% and an initial conversion premium of 25% to 42.5%.
Citigroup Global Markets Ltd. is sole global coordinator for the deal and joint bookrunner with Crédit Agricole CIB.
The bonds, to be sold in the Oceanes structure, are expected to be listed on the Euronext Access Market.
The bonds are callable and carry take over protection. The conversion ratio is 1 share per bond and may be subject to potential adjustment. The nominal value of each bond is €48.78 with 4,100,041 shares underlying the offering.
The company has the option to deliver new or existing shares upon conversion, according to the company release.
New shares will carry current dividend rights. Maximum dilution from the issuance of new shares is 9.1% dilution, according to the release.
Subject to certain conditions, the company has agreed to a lock-up for 90 days following the issue.
Proceeds will be used to partly refinance the company’s €250 million term loan.
Maisons Du Monde is a Vertou, France-based furniture and homeware company.
| Issuer: | Maisons Du Monde
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| Securities: | Oceanes convertible notes
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| Amount: | €200 million
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| Maturity: | Dec. 6, 2023
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| Bookrunners | Citigroup Global Markets Ltd., Crédit Agricole CIB
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| Coupon: | 0.125%
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| Price: | Par
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| Conversion premium: | 42.5%
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| Conversion price: | €48.78
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| Conversion rate: | 1
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| Call options: | Yes
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| Put options: | Upon a fundamental change
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 6
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| Talk: | 0.125% to 0.625% yield, up 35% to 42.5%
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| Stock symbol: | EPA: MDM
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| Stock price: | €35.01 as of Nov. 28 close
|
| Market capitalization: | €1.58 billion
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