By Rebecca Melvin
New York, June 29 - Maurel & Prom SA launched and priced €259 million of five-year convertible bonds in the Oceane structure on Monday at par to yield 7.125% with an initial conversion premium of 30%, according to a news release.
There is a greenshoe of €39 million.
The original launch was between €225 million to €259 million.
The Regulation S bonds priced at the midpoint of talk for the coupon, which guided for a 6.75% to 7.5% coupon, and at the tight end of talk for the premium, which was 25% to 30%.
BNP Paribas Securities Corp., Calyon and Lazard-Natixis are lead managers of the bonds, which will be used to take out Maurel & Prom's existing €270 million of five-year Oceane convertible bonds that mature Jan. 1, 2010.
Net proceeds of the issuance of bonds will be used to repurchase the 2010 Oceane. The balance of the repurchases will be financed with company funds.
Holders of the new bonds will receive one share of stock for one bond upon conversion.
The issue date and settlement and delivery date is expected on July 7. The older bonds, via a reverse bookbuilding process, will be repurchased on July 8 at the nominal value of the bonds plus 1.6%, or €22.80.
The older paper has a 3.5% coupon.
Maurel & Prom is a French oil concern based in Paris.
| Issuer: | Maurel & Prom SA
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €259 million
|
| Greenshoe: | €39 million
|
| Maturity: | July 31, 2014
|
| Bookrunners: | BNP Paribas Securities Corp., Calyon, Lazard-Natixis
|
| Coupon: | 7.125%
|
| Price: | Par
|
| Yield: | 7.125%
|
| Conversion premium: | 30%
|
| Conversion price: | €15.60
|
| Price talk: | 6.75%-7.5%, up 25%-30%
|
| Pricing date: | June 29
|
| Settlement date: | July 7
|
| Distribution: | Regulation S
|
| Listing: | NYSE Euronext Paris
|
| Stock symbol: | MAU
|
| Stock price: | €12.005
|
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