By Abigail W. Adams
Portland, Me., June 19 – Safran SA priced €699,999,983.10 in 0% five-year Oceanes on Monday at the cheap end of talk with an issue price of par and an initial conversion premium of 37.5%, according to a company news release.
Price talk had been for an issue price of par to 104 for a gross yield of negative 0.78% to 0% and an initial conversion premium of 37.5% to 45%.
Citigroup Global Markets Ltd. and Société Générale are global coordinators and joint bookrunners for the offering, which was sold to professional investors and under Regulation S.
The bonds are callable under certain conditions, according to the news release.
They are puttable upon a change of control.
The bonds will be listed for trade on the Frankfurt Stock Exchange.
Proceeds will be used for general corporate purposes.
Safran is a Paris-based multinational aircraft and rocket engine, aerospace component and defense company.
| Issuer: | Safran SA
|
| Securities: | Oceanes
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| Amount: | €699,999,983.10
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| Maturity: | June 21, 2023
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| Bookrunners: | Citigroup Global Markets Ltd. and Société Générale
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| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 37.5%
|
| Conversion price: | €140.10
|
| Conversion rate: | 1
|
| Call options: | Provisionally callable
|
| Put options: | Upon a fundamental change
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| Pricing date: | June 18
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| Settlement date: | June 21
|
| Talk: | Issue price of par to 104 and an initial conversion premium of 37.5% to 45%.
|
| Stock symbol: | EPA: SAF
|
| Stock price: | €101.80
|
| Market capitalization: | €41.51 billion
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