Acciona plans €325 million five-year convertibles to yield 2.25%-3%, up 32.5%-37.5%

By Rebecca Melvin

New York, Jan. 16 - Acciona SA launched an offering of €325 million of five-year convertible bonds, with €100,000 par, that was seen pricing later Thursday at a 2.25% to 3% coupon and a 32.5% to 37.5% initial conversion premium, according to a news release.

The deal has a €75 million increase option and a further €50 million over-allotment for a potential maximum issue amount of €450 million.

Joint bookrunners are HSBC Bank plc (sole global coordinator), Credit Agricole CIB, Societe Generale CIB and the Royal Bank of Scotland plc.

The bonds are non-callable until Feb. 20, 2017 and then are provisionally callable if shares exceed a €130,000 volume weighed average price for a specified period.

The company plans to list the bonds on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.

Proceeds will be used to extend the company's debt maturity profile and reduce the average cost of debt. Acciona is a Spanish construction and engineering infrastructure company.

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