By Rebecca Melvin
New York, May 19 NV Bekaert SA priced 380 million of five-year convertible bonds, including a base deal of 250 million and 130 million increase option, with a 0% coupon and 35% initial conversion premium, according to a news release.
The Regulation S bonds priced at the rich end of talked terms for a coupon of 0% to 0.5% and an initial conversion premium of 27.5% to 35%.
Concurrently with the pricing of the bonds, eligible holders of the outstanding 300 million 0.75% convertible bonds due 2018 accepted the companys offer to repurchase the bonds in a reverse bookbuilding, representing about 94.9% of the outstanding nominal amount of the bonds.
Bekaert intends to exercise its right to redeem the remaining outstanding convertibles due 2018 in accordance with their terms and conditions.
The new bonds are being issued at par of 100,000 and are being sold via joint bookrunners BNP Paribas Fortis and J.P. Morgan Securities plc.
Settlement of the offering of new bonds is set for June 9. Settlement of the repurchase is set for June 14.
Application is being made to list the new 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: | 380 million
|
| Maturity: | June 2021
|
| Bookrunners: | BNP Paribas Fortis, J.P. Morgan Securities plc
|
| Coupon: | 0%
|
| Price: | Par, 100,000
|
| Yield: | 0%
|
| Initial conversion premium: | 35%
|
| Initial conversion price: | 51.25
|
| Price talk: | 0%-0.5%, up 27.5%-35%
|
| Pricing date: | May 19
|
| Settlement date: | June 9
|
| Stock reference price: | 37.9677
|
| Stock symbol: | Euronext Brussels: BEKB
|
| Distribution: | Regulation S
|
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