Technip launches €450 million to €550 million five-year convertibles at 0%-0.5%, up 32%-37%

By Rebecca Melvin

New York, Nov. 9 - Technip planned to price €450 million to €550 million of five-year convertibles at par in the Oceane structure that were talked to yield between 0% and 0.5% with an initial conversion premium of between 32% and 37% over the volume weighted average price of shares on the Euronext Paris between launch and pricing, according to a news release.

Banco Santander, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC, and Societe Generale are the joint lead managers and bookrunners.

The convertibles mature Jan. 1, 2016.

Proceeds will be used refinance partially a €650 million bond that matures in May 2011, as well as to secure long-term financing to cover the group's recent investments.

The issue date and the settlement and delivery date of the bonds is expected to be Nov. 17. The bonds will be convertible into or exchangeable for new and/or existing Technip shares, at the ratio of one share per bond, subject to possible future anti-dilution adjustments.

Technip is a Paris-based company that provides engineering, construction and other services to the oil, gas and petrochemical industries.

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