By Ronda Fears
Memphis, June 22 - Steinhoff International Holdings Ltd. sold ZAR 1.5 billion of seven-year convertible bonds to yield 5.7% with an initial conversion premium of 32.5% - in the middle area of price talk - via bookrunner Barclays Capital Markets.
The issue, which launched early Thursday, priced against guidance for a coupon of 5.45% to 5.95% and a conversion premium range of 30% to 35%.
Steinhoff said proceeds would be used to meet near-term capital expenditure requirements, allowing the issuer to benefit from the attractive financing opportunities.
Steinhoff is a South Africa-based manufacturer and distributor of household goods.
| Issuer: | Steinhoff International Holdings Ltd.
|
| Issue: | Unsubordinated unsecured convertible bonds
|
| Bookrunner: | Barclays Capital Markets
|
| Amount: | ZAR 1.5 billion
|
| Maturity: | 2013
|
| Coupon: | 5.7%
|
| Price: | Par
|
| Yield: | 5.7%
|
| Conversion premium: | 32.5%
|
| Conversion price: | ZAR 27.40
|
| Conversion ratio: | 18.2682
|
| Contingent conversion: | 130% trigger
|
| Call: | Non-callable for three years
|
| Price talk: | 5.45%-5.95%, up 30%-35%
|
| Pricing date: | June 22
|
| Settlement date: | June 30
|
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