By Abigail W. Adams
Portland, Me., May 14 – GN Store Nord A/S priced €330 million in units consisting of 0% convertible bonds due 2024 with an initial conversion premium of 45% and warrants on Tuesday, according to a company news release.
Credit Suisse was global coordinator, bookrunner and lead manager for the offering, which was marketed to institutional investors in the European Economic Area.
The reference share price and initial strike price on the convertible bonds will be set on May 16, according to the news release.
The number of shares underlying the warrants will be determined after the reference share price and strike price are established.
The units will be issued at 101.26% of the principal amount of the bonds. The bonds will be putable upon the exercise of the warrants.
The warrants will become exercisable after 40 days. Holders will receive shares in an amount equal to DKK 746,840 with the conversion rate of 1 euro to 7.4684 DKK used.
Proceeds from the offering were used to repurchase €220 million of the company’s outstanding 0% convertible bonds due 2022 and 2,200 of the warrants expiring in 2022, representing 97.8% of the outstanding amount.
The company expects to call the remaining bonds and warrants due in 2022.
GN Store Nord is a Copenhagen, Denmark-based manufacturer of hearing aids and head sets.
| Issuer: | GN Store Nord A/S
|
| Securities: | Units consisting of convertible bonds and warrants
|
| Amount: | €330 million
|
| Maturity: | 2024
|
| Bookrunner: | Credit Suisse
|
| Coupon: | 0%
|
| Price: | 101.26
|
| Conversion premium: | 45%
|
| Conversion price: | TBD on May 16
|
| Put options: | Upon exercise of the warrants
|
| Pricing date: | May 14
|
| Settlement date: | May 21
|
| Distribution: | European Economic Area
|
| Stock symbol: | DC: GN
|
| Stock reference price: | TBD on May 16
|
| Market capitalization: | DKK 44.729 billion
|
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