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Technip greenshoe exercise lifts 0.25% Oceane deal to €497.6 million
By Susanna Moon
Chicago, Dec. 13 - Technip SA said its underwriters partially exercised their €50 million over-allotment option, increasing its issue of 0.25% bonds in the Oceane structure due Jan. 1, 2017 to €497.6 million.
The company priced €450 million of the bonds on Dec. 7 with an initial conversion premium of 35%. Earlier in the day, it announced that it would issue €400 million of bonds with a coupon of 0.25% to 0.875% and an initial conversion premium of 30% to 35%.
As previously noted, the issue size was increased to €450 million from €400 million when Technip exercised its 12.5% extension clause in full. The maximum issue size of the bonds was €500 million, including the greenshoe.
The par value of the bonds is €96.09.
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.
The bonds may be callable under certain conditions.
Proceeds will be used to partially replenish cash balances following the company's acquisition of Global Industries, Ltd. for $935 million.
Barclays Capital, Citigroup Global Markets Ltd., Credit Agricole Corporate and Investment Bank, HSBC France and Royal Bank of Scotland are the joint lead managers and joint bookrunners. BBVA, CM-CIC, DNB Markets, Lazard-Natixis and SMBC Nikko are the co-lead managers. Credit Agricole Corporate and Investment Bank is the stabilizing manager.
The bonds were initially offered through a private placement and then through a public offering in France.
The offering is expected to settle on Thursday.
Based in Paris, Technip specializes in project management, engineering and construction for the energy industry.
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