By Jennifer Chiou
New York, Sept. 10 - Soitec SA announced its €89,739,131 offering of new 6.75% convertible bonds due 2018 in the Oceane structure.
There is a greenshoe for roughly an additional €13.5 million of bonds. If the greenshoe is exercised, the company will issue a total of 40 million of the bonds.
According to a press release, the price is €2.58 per bond, representing a 35% premium to the average Soitec stock price on the Euronext Paris on Sept. 10.
The company stated that it raised €71.5 million in its equity offering in July. Using those proceeds in addition to proceeds from the convertibles, Soitec plans to refinance €145 million, or 42.75%, of its 6.25% convertible bonds due 2014. It is offering €8.55 per 6.25% bond.
Natixis is the lead manager and bookrunner for the transactions. Credit Suisse Securities (Europe) Ltd. and Morgan Stanley are assisting.
Bernin, France-based Soitec makes semiconductor materials. It announced plans for the issue in June.
| Issuer: | Soitec SA
|
| Issue: | Convertible bonds in Oceane structure
|
| Bookrunners: | Natixis (lead); Credit Suisse Securities (Europe) Ltd. and Morgan Stanley
|
| Amount: | €89,739,131.22
|
| Greenshoe: | €13.5 million (approximate)
|
| Maturity: | Sept. 18, 2018
|
| Coupon: | 6.75%
|
| Price: | Par of €2.58
|
| Yield: | 6.75%
|
| Price talk: | 6.25% to 6.75%, up 30% to 35%
|
| Announcement date: | Sept. 10
|
| Issue date: | Sept. 18
|
| Stock symbol: | Euronext Paris: SOI
|
| Stock reference price: | €1.89 on Sept. 10
|
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