New York, March 24 - S.T. Dupont priced €22.5 million convertible bonds in the Oceane structure to yield 7% with a 15.1% initial conversion premium.
The Paris luxury goods company will use proceeds to refinance the convertibles issued in 1999 that mature in April and to finance ongoing activities and investments.
SG Corporate & Investment Banking is manager for the sale.
Shareholders of record as of March 23 will have priority subscription for 90% of the issue through April 6. They will be able to buy 31 bonds per 45 shares held.
The remaining 10% of the issue will be immediately offered to the public in France.
S.T. Dupont's controlling shareholder D and D International BV will buy its share of the issue a total of 55.53% - and has agreed to backstop the remainder. As a result the offering is not being underwritten.
The bonds are being publicly offered in France and as a private placement in other countries. They will not be offered in the United States, Canada, Australia and Japan.
| Issuer: | S.T. Dupont
|
| Issue: | Oceanes convertible bonds
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| Amount: | €22.5 million
|
| Maturity: | April 1, 2009
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| Coupon: | 7%
|
| Price: | Par of €4.73
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| Yield: | 7%
|
| Conversion price: | €4.73
|
| Conversion ratio: | 1
|
| Conversion premium: | 15.1% over €4.11 close on March 22
|
| Call: | April 1, 2007 onwards at par subject to 130% hurdle
|
| Pricing date: | March 24 before open
|
| Settlement: | April 14
|
| Manager: | SG Corporate & Investment Banking
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