By Susanna Moon and Rebecca Melvin
Chicago, Sept. 17 Meyer Burger Technology Ltd. priced CHF 100 million of six-year senior unsecured convertible bonds at par to yield 4% with an initial conversion premium of 27.5% on Wednesday, according to a news release.
Pricing of the Regulation S deal came at the midpoint of talk, which was for a 3.5% and 4.5% coupon and a 25% and 30% premium over the volume-weighted average price of shares between launch and pricing on Wednesday.
The bonds are putable on Sept. 24, 2018.
Proceeds will be used for working capital requirements, investments in demo equipment and general corporate purposes.
Credit Suisse and UBS were joint bookrunners of the deal, which will settle on 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.
| Issuer: | Meyer Burger Technology Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | CHF 100 million
|
| Maturity: | Sept. 24, 2020
|
| Bookrunners: | Credit Suisse, UBS
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 27.5%
|
| Conversion price: | CHF 11.39 per share
|
| Call: | Non-callable
|
| Put: | On Sept. 24, 2018
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Price talk: | 3.5%-4.5%, up 25%-30%
|
| Stock symbol: | SIX Swiss Exchange: MBTN
|
| Distribution: | Regulation S
|
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