By Rebecca Melvin
New York, June 4 - Sonae SGPS SA priced an upsized €210.5 million of five-year convertibles at par to yield 1.625% with an initial conversion premium of 35%, according to a release.
Pricing came toward the cheap end of 1.375% to 1.875% coupon talk and at the rich end of 30% to 35% premium talk.
Barclays Bank plc and BNP Paribas were joint bookrunners for the Regulation S bonds.
The €100,000 par notes will be issued through subsidiary Sonae Investments BV.
The bonds are non-callable for three years, and then provisionally callable if the underlying shares exceed 130% of the conversion price.
Proceeds will be used for general corporate purposes.
Application will be made for the bonds to be listed on the Open Market of the Frankfurt Stock Exchange.
Sonae is a Maia, Portugal-based retail conglomerate that operates food and non-food stores including sporting goods and apparel stores.
| Issuer: | Sonae Investments BV
|
| Guarantor: | Sonae SGPS SA
|
| Issue: | Convertible bonds
|
| Amount: | €210.5 million, upsized from €200 million
|
| Maturity: | 2019
|
| Bookrunners: | Barclays Bank plc and BNP Paribas
|
| Co-managers: | Banoc Santander, Caixa - Banco de Investiment and UniCredit
|
| Coupon: | 1.625%
|
| Price: | Par, €100,000
|
| Yield: | 1.625%
|
| Exchange premium: | 35%
|
| Conversion price: | €1.726
|
| Calls: | Non-callable for three years, then provisionally callable at 130% price hurdle
|
| Price talk: | 1.375%-1.875%, up 30%-35%
|
| Pricing date: | June 4
|
| Settlement: | June 11
|
| Stock symbol: | Lisbon: SON
|
| Distribution: | Regulation S
|
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