By Abigail W. Adams
Portland, Me., Sept. 15 – Elis SA priced €380 million seven-year convertible notes in the Oceane structure on Thursday at par with a coupon of 2.25% and an initial conversion premium of 42.5%, according to a company news release.
Pricing came at the midpoint of talk for a coupon of 2% to 2.5% and at the rich end of talk for an initial conversion premium of 37.5% to 42.5%.
The bonds are callable under certain conditions.
They are putable on Sept. 22, 2027 or upon a change of control or delisting event.
Concurrently, the company offered to repurchase for cash up to €200 million of its Oceanes due Oct. 6, 2023 at a purchase price of €31.21.
Proceeds will be used to fund the repurchase of the 2023 Oceanes and for general corporate purposes.
Elis is a Saint-Cloud, France-based provider of work uniforms and related services.
| Issuer: | Elis SA
|
| Amount: | €380 million
|
| Issue: | Oceanes
|
| Maturity: | Sept. 22, 2029
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Yield: | 2.25%
|
| Conversion premium: | 42.5%
|
| Conversion rate: | 5,774.0054
|
| Call options: | Under certain conditions
|
| Put options: | Putable on Sept. 22, 2027 or upon a change of control or delisting event
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Distribution: | French monetary code
|
| Talk: | Coupon of 2% to 2.5% and initial conversion premium of 37.5% to 42.5%
|
| Stock symbol: | EPA: ELIS
|
| Market capitalization: | €2.76 billion
|
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