Meyer Burger plans CHF 100 million six-year convertibles, up 25%-30%

By Susanna Moon

Chicago, Sept. 17 – Meyer Burger Technology Ltd. plans to price up to CHF 100 million senior unsecured convertible bonds due Sept. 24, 2020 at par.

The coupon will be set at between 3.5% and 4.5%, and the conversion premium will be between 25% and 30% over the volume-weighted average price of the shares between the announcement and pricing of the convertibles Wednesday.

The company’s stock (Swiss Exchange: MBTN) closed at CHF 9.47 on Sept. 16.

The final terms of the convertible will be determined through an institutional bookbuilding, according to a press release by Meyer Burger Group.

The notes will have a put option on Sept. 24, 2018.

The bonds will be convertible into up to 8.8 million registered shares of Meyer Burger Technology Ltd, representing up to 9.8% of the current outstanding share capital.

Proceeds will be used for working capital requirements, investments in demo equipment and general corporate purposes.

Credit Suisse and UBS are the joint bookrunners.

Settlement has been slated for Sept. 24.

The company said, “In order to have the required resources at hand to cope with future market developments and taking advantage of current capital market conditions, the company decided to proactively raise additional long-term funds.”

The company plans to apply to list the convertibles for trading on Sept. 23.

Meyer Burger is a Gwatt, Switzerland-based company operating as a holding entity of the Meyer Burger Group, engaged in systems and processes based on semiconductor technologies.

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