By Stephanie N. Rotondo
Seattle, May 23 – GN Store Nord A/S sold €225 million of 0% convertible bond with warrant units, with an initial conversion premium of 40%, the company said in a press release on Tuesday.
The deal came upsized from €215 million. The premium priced at the rich end of talk for a 27.5% to 40% premium.
Credit Suisse, BNP Paribas and Nordea are running the books.
The units will consist of a 0% senior unsecured bond due 2022 and detachable warrants due 2022.
The bonds are non-callable.
As for the warrants, they are exercisable after 41 days from issuance. The initial strike price is DKK 269.4609.
Proceeds will be used for general corporate purposes, which may include the refinancing of existing debt facilities, the repurchase of common stock and the financing of growth opportunities.
GN Store is a Ballerup, Denmark-based manufacturer of hearing instruments and audiological diagnostics equipment and headsets.
| Issuer: | GN Store Nord A/S
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| Securities: | Convertible bond with warrant units
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| Amount: | €225 million
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| Maturity: | 2022
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| Bookrunners: | Credit Suisse, BNP Paribas and Nordea
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| Coupon: | 0%
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| Price: | Par of €100,000
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| Conversion premium: | 40%
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| Conversion price: | DKK 269.4609
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| Call options: | None
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| Pricing date: | May 23
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| Settlement date: | May 31
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| Talk: | 27.5% to 40% premium
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| Stock symbol: | Copenhagen: GN
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| Stock price: | DKK 194.00 at close on May 23
|
| Market capitalization: | DKK 27.07 billion
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