Nyrstar greenshoe exercised, lifting 7% convertibles to €120 million

By Devika Patel

Knoxville, Tenn., July 7 - Underwriters for Nyrstar NV's offering of 7% five-year senior unsecured convertible bonds exercised their over-allotment option in full for €15 million more of the bonds, increasing the size of the issue to €120 million, the company announced in a press release.

As previously reported, the company sold the notes at par on July 2 in a Regulation S offering via bookrunner Goldman Sachs International and manager ING Belgium SA/NV.

The bonds have an initial conversion premium of 27.5% and a conversion price of €7.6203.

Proceeds are intended to strengthen balance sheet liquidity, to diversify funding and to fund organic or external growth opportunities.

Balen, Belgium-based Nyrstar is a producer of metals, including zinc, lead and copper.

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