By Rebecca Melvin
New York, Sept. 10 – America Movil BV, the Dutch subsidiary of America Movil SAB de CV, launched and priced on Thursday €750 million of 5.5% bonds (A2) mandatorily exchangeable into shares of Koninklijke KPN NV with an initial conversion premium of 27.5%, according to a company news release.
The Regulation S deal priced at the midpoint of talk, which was for a 5.25% to 5.75% yield and 25% to 30% premium.
Deutsche Bank AG, London branch was the bookrunner, and Merrill Lynch International and UBS Ltd. acted as co-lead managers.
The minimum exchange price at which the bonds could be exchanged for KPN shares will correspond to the volume-weighted average price of the KPN shares on Euronext Amsterdam on Thursday. The maximum exchange price is expected to be set at 27.5% over the reference price.
The company plans to list the bonds on an internationally recognized stock exchange.
America Movil is a Mexico City-based telecommunications company.
KPN is a Netherlands-based telecommunications company.
| Issuer: | America Movil BV
|
| Guarantor: | America Movil SAB de CV
|
| Issue: | Mandatory exchangeable bonds
|
| Exchange entity: | Koninklijke KPN NV
|
| Amount: | €750 million
|
| Maturity: | 2018
|
| Bookrunner: | Deutsche Bank AG London branch
|
| Co-lead managers: | Merrill Lynch International, UBS Ltd.
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Exchange premium: | 27.5%
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Rating: | Moody’s: A2
|
| Distribution: | Regulation S
|
| Price talk: | 5.25%-5.75%, up 25%-30%
|
| Stock symbol: | Amsterdam: KPN
|
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