By Stephanie N. Rotondo
Seattle, Nov. 15 – Groupe SEB priced €150 million of five-year redeemable bonds with a 42.5% exchange premium on Tuesday, the company said in a press release.
Bearing no interest, the bonds have an annual gross yield to maturity of minus 0.42%.
The exchange premium was previously talked in a 40% to 45% range, and the yield to maturity was minus 0.69% to minus 0.15%.
The bonds – which are exchangeable for cash and/or existing shares – were priced at 102.125% of par, between talk of 100.75% and 103.5%. Nominal value is €181.62, a 42.5% exchange premium over the reference share price.
Unless otherwise redeemed or cancelled, the bonds will be redeemed at par on Nov. 17, 2021. The company can opt to redeem the issue on Nov. 17, 2019 in the event the bonds hit a 130% price hurdle. The issue can also be redeemed upon a change of control.
Holders can exchange the issue for cash or one SEB share per note. The exchange ratio can change in certain circumstances.
The bonds will be listed on the Open Market of Euronext Paris.
Proceeds will be used to partly refinance the acquisition of German group WMF, which was announced May 23.
Groupe SEB is a Paris-based manufacturer of small domestic equipment.
| Issuer: | Groupe SEB
|
| Securities: | Redeemable bonds
|
| Amount: | €150 million
|
| Maturity: | Nov. 17, 2021
|
| Coupon: | 0%
|
| Price: | 102.125% of par
|
| Par: | €181.62
|
| Yield: | Minus 0.42%
|
| Call options: | On or after Nov. 17, 2019 if the bonds hit a 130% price hurdle, or upon a change of control
|
| Exchange premium: | 42.5%
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 17
|
| Talk: | 40% to 45% exchange premium, 100.75-103.5 price talk
|
| Stock symbol: | Paris: SK
|
| Stock price: | €128.00 as of Nov. 15 close
|
| Market capitalization: | €6.382 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
