By Rebecca Melvin
New York, May 1 - Marine Harvest ASA priced €350 million of five-year convertible senior unsecured bonds on Wednesday at par to yield 2.375% with an initial conversion premium of 30% over the stock reference price.
The bonds are non-callable for three years and then provisionally callable if shares exceed 130% of the principal amount of the bond.
Proceeds will be used for general corporate purposes, including the refinancing of loans, to extend the company's debt maturity profile and to finance the potential acquisition of Cermaq ASA, which was announced April 30.
Credit Suisse Group AG is acting as the bookrunner of the Regulation S offering.
Marine Harvest is an Oslo, Norway-based seafood and salmon-farming company.
| Issuer: | Marine Harvest ASA
|
| Issue: | Convertible senior unsecured bonds
|
| Amount: | €350 million
|
| Maturity: | 2018
|
| Bookrunners: | Credit Suisse Group AG
|
| Co-managers: | DNB Markets, Nordea Markets, Rabobank, ABN Amro
|
| Coupon: | 2.375%
|
| Price: | Par
|
| Yield: | 2.375%
|
| Conversion premium: | 30%
|
| Conversion price: | €1.0265 (fixed exchange rate NOK 7.5988: €1.00
|
| Call: | Non-callable for three years, then subject to 130% hurdle
|
| Distribution: | Regulation S
|
| Pricing date: | May 1
|
| Settlement date: | May 8
|
| Stock symbol: | Oslo: MHG
|
| Stock reference price: | NOK 6.00
|
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