Vinci plans $125 million add-on to 0.375% cash-settled convertible bonds; notes to come at premium

By Stephanie N. Rotondo

Seattle, May 10 – Vinci SA intends to price an additional $125 million of its 0.375% non-dilutive cash-settled convertible bonds due 2022 at 108.625% to 109.625% of par, the company said in a press release on Wednesday.

The final tap price will be announced on Friday.

Societe Generale CIB is acting as the global coordinator and bookrunner. BNP Paribas is also a bookrunner on the deal.

The French construction company initially sold $450 million of the bonds on Feb. 9. On Feb. 23, the conversion price was set at €84.2505, representing a 22.5% initial conversion premium.

In connection with the add-on offering, Vinci will purchase cash-settled call options to hedge its economic exposure. It is also expected that hedge counterparties to the call options will enter into various hedging transactions.

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