By Rebecca Melvin
New York, Jan. 16 - Acciona SA launched and priced €325 million of five-year convertible senior bonds on Thursday at par of €100,000 to yield 3% with an initial conversion premium of 32.5%, according to a news release.
Pricing came at the cheap end of talk, which was for a 2.25% to 3% coupon and a 32.5% to 37.5% premium.
There is a €50 million over-allotment option for the deal, which was sold via joint bookrunners HSBC Bank plc (global coordinator), Credit Agricole CIB, Societe Generale CIB and the Royal Bank of Scotland plc and co-lead managers Banco Bilbao Vizcaya Argentaria SA, Caixabank, SA and Banco Santander SA.
The bonds are non-callable until Feb. 20, 2017 and then are provisionally callable if shares exceed 130% of the conversion price on a volume weighed average price basis 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 based in Madrid.
| Issuer: | Acciona SA
|
| Issue: | Convertible senior bonds
|
| Amount: | €325 million
|
| Greenshoe: | €50 million
|
| Maturity: | Jan. 30, 2019
|
| Bookrunners: | HSBC Bank plc (global coordinator), Credit Agricole CIB, Societe Generale CIB and the Royal Bank of Scotland plc
|
| Co-lead managers: | Banco Bilbao Vizcaya Argentaria SA, Caixabank, SA, Banco Santander SA
|
| Coupon: | 3%
|
| Price: | Par, €100,000
|
| Yield: | 3%
|
| Conversion premium: | 32.5%
|
| Conversion price: | €63.02
|
| Calls: | Non-callable until Feb. 20, 2017, then provisionally callable at 130% price hurdle
|
| Takeover protection: | Yes, via par put
|
| Dividend protection: | Yes, conversion price adjustments
|
| Price talk: | 2.25%-3%, up 32.5%-37.5%
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 30
|
| Stock symbol: | Madrid: ANA
|
| Stock price: | €47.45 at close Jan. 16
|
| Market capitalization: | €2.8 billion
|
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