By Abigail W. Adams
Portland, Me., Sept. 18 Korian priced a 60 million add-on to its 2.5% perpetual Odinarnes on Tuesday at an issue price of 40.68, representing a 1.17% premium over the conversion price of 40.21, according to a company news release.
Credit Agricole CIB was sole global coordinator and a joint bookrunner with Societe Generale for the offering, which was distributed through a private placement in accordance with the French Monetary and Financial Code.
The add-on will follow the same terms and be immediately fungible with the 2.5% perpetual Odinarnes. Korian priced 240 million of the 2.5% Odinarnes in 2017 at par.
The coupon is fixed at 2.5% until Dec. 31, 2022 when it will switch to a floating rate of Euribor plus 900 basis points.
The notes are non-callable until Jan. 29, 2021. They are callable subject to a 130% hurdle from Jan. 29, 2021 until Jan. 1, 2023 when they become freely callable.
Proceeds will be used to refinance the companys non-listed hybrid bonds issued in June 2017.
Korian is a Paris-based care and support services provider for the elderly.
| Issuer: | Korian
|
| Securities: | Unsecured convertible bonds
|
| Amount: | 60 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Credit Agricole CIB and Societe Generale
|
| Coupon: | 2.5% until Dec. 31, 2022, then converts to a floating rate of Euribor plus 900 bps
|
| Price: | 40.68
|
| Conversion premium: | 22%
|
| Conversion price: | 40.21
|
| Conversion ratio | 1
|
| Call option: | Non-callable until Jan. 29, 2021, then callable subject to a 130% hurdle until Jan. 1, 2023 then freely callable
|
| Put option: | None
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 21
|
| Original issue: | 240 million priced in 2017 at par
|
| Total amount: | 300 million
|
| Stock symbol: | EPA: KORI
|
| Stock price: | 32.98 at market close Sept. 27
|
| Market capitalization: | 2.62 billion
|
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