By Kenneth Lim
Boston, Feb. 24 - Marine Harvest ASA priced €225 million of five-year convertible senior unsecured bonds on Wednesday after the market closed at par to yield 4.5% with an initial conversion premium of 30% over the Feb. 24 volume weighted average stock price.
Price talk was for a coupon of 3.625% to 4.625% and an initial conversion premium of 30% to 35%, according to a news release.
There is an over-allotment option for an additional €25 million.
ABG Sundal Collier, Credit Suisse and JPMorgan are the bookrunners of the Regulation S offering.
The notes may be called after three years, subject to a hurdle at 130% of the conversion price.
Proceeds will be used for general corporate purposes, including the refinancing of loans and to extend the company's debt maturity profile.
Marine Harvest is an Oslo, Norway-based seafood and salmon-farming company.
| Issuer: | Marine Harvest ASA
|
| Issue: | Convertible senior unsecured bonds
|
| Amount: | €225 million
|
| Greenshoe: | €25 million
|
| Maturity: | 2015
|
| Bookrunners: | ABG Sundal Collier, Credit Suisse, JPMorgan
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 30%
|
| Conversion price: | €0.8335
|
| Call: | Non-callable for three years, then subject to 130% hurdle
|
| Price talk: | 3.625%-4.625%, up 30%-35%
|
| Distribution: | Regulation S
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 3
|
| Stock symbol: | Oslo: MHG
|
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