By Rebecca Melvin
New York, May 12 – Maurel & Prom SA priced €115 million of six-year convertible bonds at par to yield 2.75% with an initial conversion premium of 37%, according to a news release.
Pricing of the Regulation S deal came toward the rich end of talk, which was for a 2.5% to 3.25% coupon and a 32% to 39% premium.
The €15 million increase option was exercised with the €100 million base deal.
Natixis was the bookrunner.
The bonds are non-callable until Feb. 1, 2019 and then are provisionally callable if the company’s shares trade above 130% of the conversion price.
There is dividend and takeover protection.
Proceeds will be used to repurchase Maurel & Prom’s 2015 convertible bonds due in July with about €68.65 million outstanding.
An application is being made to list the new bonds on Euronext Paris.
Maurel & Prom is a French oil concern based in Paris.
| Issuer: | Maurel & Prom SA
|
| Issue: | Convertible bonds (Ornane structure)
|
| Amount: | €115 million
|
| Maturity: | July 1, 2021
|
| Bookrunner: | Natixis
|
| Coupon: | 2.75%
|
| Price: | Par, €11.02
|
| Yield: | 2.75%
|
| Conversion premium: | 37%
|
| Call: | From Feb. 1, 2019 subject to 130% hurdle
|
| Price talk: | 2.5%-3.25%, up 32%-39%
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Pricing date: | May 12
|
| Settlement date: | May 15
|
| Distribution: | Regulation S
|
| Stock symbol: | Paris: MAU
|
| Stock price: | €8.10 as of close May 12
|
| Market capitalization: | €976.93 million
|
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