By Rebecca Melvin
New York, Nov. 24 – Aurelius SE & Co. KgaA launched and priced €166.3 million of five-year senior convertible bonds at €100,000 par on Tuesday to yield 1% and with an initial conversion premium of 30% over the volume-weighted average price of shares on the Xetra Stock Exchange on Tuesday, according to a company news release.
The Regulation S deal priced at the cheap end of talked terms, which was for a 0.375% to 1% coupon and a 30% to 37.5% initial conversion premium over the reference price. The deal size was smaller than the €175 million principal amount that was talked initially.
The convertible bonds are non-callable until Dec. 22, 2018 and then provisionally callable if shares exceed 130% of the conversion price.
Berenberg and UBS Ltd. were joint bookrunners.
Proceeds are earmarked for investment opportunities, for share repurchases and for general corporate purposes.
Settlement is expected to take place on Dec. 1. Application is being made to list the bonds on the open market of the Frankfurt Stock Exchange.
Munich-based Aurelius is an asset management company focused on medium-sized businesses.
| Issuer: | Aerelius SE & Co. KgaA
|
| Issue: | Convertible bonds
|
| Amount: | €166.3 million
|
| Maturity: | Dec. 1, 2020
|
| Bookrunners: | Berenberg and UBS Ltd.
|
| Coupon: | 1%
|
| Price: | Par, €100,000
|
| Yield: | 1%
|
| Conversion premium: | 30%
|
| Conversion price: | €52.5229
|
| Calls: | Non-callable until Dec. 22, 2018
|
| Price talk: | 0.375%-1%, up 30%-37.5%
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 1
|
| Stock symbol: | Xetra: AR4
|
| Stock price: | €40.35 as of close Nov. 24
|
| Market capitalization: | €1.23 billion
|
| Distribution: | Regulation S
|
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