By Rebecca Melvin
New York, Sept. 5 – SAF-Holland SA priced €100.2 million of six-year convertible bonds at par of €100,000 to yield 1% with a 20% initial conversion premium on Friday, according to a news release.
The initial conversion price is €12.3706. Pricing came at the cheap end of talked terms, which was for a 0.5% to 1% coupon and a 20% to 25% premium.
Proceeds of the Regulation S offering will be used to refinance existing financial debt and for general corporate purposes.
Joint bookrunners were Citigroup Global Markets Ltd. and Commerzbank AG, with IKB Deutsche Industriebank AG acting as co-lead manager.
Settlement is set for Sept. 12. Application has been made to list the convertibles on the open market segment of the Frankfurt stock exchange.
SAF-Holland is a Bessenbach, Germany-based car and truck parts company.
| Issuer: | SAF-Holland SA
|
| Issue: | Convertible bonds
|
| Amount: | €100.2 million
|
| Maturity: | Sept. 12, 2020
|
| Bookrunners: | Citigroup Global Markets Ltd., Commerzbank
|
| Co-lead manager: | IKB Deutsche Indusriebank AG
|
| Coupon: | 1%
|
| Price: | Par, €100,000
|
| Yield: | 1%
|
| Initial conversion premium: | 20%
|
| Initial conversion price: | €12.3706
|
| Price talk: | 0.75%-1.5%, 20%-25%
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 12
|
| Distribution: | Regulation S
|
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