By Rebecca Melvin
New York, June 10 – NV Bekaert SA priced €300 million of four-year convertible bonds on Tuesday at par to yield 0.75% with an initial conversion premium of 32.5%, according to a press release.
The Regulation S offering priced at the cheap end of talk, which was for a 0.25% to 0.75% coupon and a 32.5% and 37.5% premium over the volume weighted average price of the company’s ordinary shares on Euronext Brussels from launch until pricing.
The company also reactivated its share buyback program under authorization granted in 2012, with a view to help meeting the company’s obligations under the terms of the bonds or in relation to employee equity-based incentive plans.
BNP Paribas Fortis and J.P. Morgan Securities plc were joint bookrunners of the offering.
Settlement may be made with a combination of cash, new shares and treasury shares.
Application is being made to list the bonds on the open market of the Frankfurt Stock Exchange.
Based in Kortrijk, Belgium, Bekaert specializes in steel wire transformation and coatings.
| Issuer: | NV Bekaert SA
|
| Issue: | Convertible bonds
|
| Amount: | €300 million
|
| Maturity: | June 2018
|
| Joint bookrunners: | BNP Paribas Fortis and J.P. Morgan Securities plc
|
| Coupon: | 0.75%
|
| Price: | Par
|
| Yield: | 0.75%
|
| Initial conversion premium: | 32.5%
|
| Initial conversion price: | €37.06
|
| Net share settlement: | Yes
|
| Pricing date: | June 10
|
| Settlement date: | June 18
|
| Stock reference price: | €27.9704
|
| Stock symbol: | Euronext Brussels: BEKB
|
| Distribution: | Regulation S
|
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