Published on 8/31/2004 in the Prospect News Convertibles Daily.
New Issue: Orco Property €30 million convertibles yield 6.80%, up 11.73%
New York, Aug. 31 - Orco Property Group said it is offering a €30 million convertible bonds with a 6.80% yield and an 11.73% initial conversion premium.
AEK Amsterdams Effectenkantoor is managing the sale. Public subscriptions will be accepted from Sept. 6 to Sept. 17.
Orco is a Paris-based investor in central European real estate and hotels.
Issuer: | Orco Property Group
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Issue: | Convertible bond
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Amount: | €30 million
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Greenshoe: | €4.5 million
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Maturity: | Dec. 31, 2011
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Coupon: | 5.5%
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Price: | Par of €32.40
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Yield: | 6.80%
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Conversion premium: | 11.73%
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Conversion price: | €36.20
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Conversion ratio: | 1
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Call: | After 19 months subject to 125% hurdle at price to give yield to maturity of 8%
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Pricing date: | Aug. 31
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