By Abigail W. Adams
Portland, Me., March 22 – Wendel priced €750 million three-year bonds exchangeable for Bureau Veritas shares on Wednesday at par with a coupon of 2.625% and an initial exchange premium of 25%, according to a company news release.
Pricing came toward the cheap end of talk for a coupon of 2.125% to 2.875% and in line with talk for an initial exchange premium of 25%.
Goldman Sachs Bank Europe SE was sole global coordinator and was joint bookrunner with BNP Paribas for the offering, which was marketed to qualified institutional investors in accordance with the French Monetary Code.
Wendel currently owns 35.5% of Bureau Veritas’ share capital and 51.7% of voting rights; it will retain a stake of 30.6% of Bureau Veritas’ share capital and 46.1% of voting rights if the bonds are fully exchanged at maturity.
Proceeds will be used for general corporate purposes and the diversification of funding sources.
Bureau Veritas is a Neuilly, France-based testing, inspection and verification company.
Wendel is a Paris-based private equity firm.
| Issuer: | Wendel
|
| Exchange entity: | Bureau Veritas shares
|
| Amount: | €750 million
|
| Issue: | Exchangeable bonds
|
| Maturity: | March 27, 2026
|
| Bookrunners: | Goldman Sachs Bank Europe SE and BNP Paribas
|
| Co-manager: | Credit Agricole CIB
|
| Coupon: | 2.625%
|
| Price: | Par
|
| Yield: | 2.625%
|
| Exchange premium: | 25%
|
| Exchange price: | €32.2935
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Distribution: | French Monetary Code
|
| Talk: | Coupon of 2.125% to 2.875% and initial exchange premium of 25%
|
| Stock symbol: | EPA: BVI
|
| Market capitalization: | €11.82 billion
|
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