By Stephanie N. Rotondo
Seattle, Oct. 3 – Elis SA priced a €399,999,977.65 private placement of 0% convertible bonds in the Oceanes structure due 2023, according to a press release on Tuesday.
The bonds were sold at par with an initial conversion premium of 42%.
Pricing was at the rich end of talk for a coupon in the 0% to 0.75% range and a conversion premium of 38% to 42%.
BNP Paribas, Crédit Agricole Corporate and Investment Bank and Société Générale Corporate & Investment Banking were global coordinators and bookrunners and HSBC and Natixis were bookrunners. The convertibles were sold to institutional investors but were not offered in the United States, Canada, Australia or Japan.
The conversion price is €31.85.
The bonds mature on Oct. 6, 2023. The company can redeem the bonds in certain circumstances and holders can put the issue upon a change of control.
Proceeds will be used to refinance the recent acquisition of Berendsen through the partial redemption of a bridge loan and for general corporate purposes.
Elis is a Saint-Cloud, France-based textile company.
| Issuer: | Elis SA
|
| Securities: | Convertible bonds, or Oceanes
|
| Amount: | €399,999,977.65
|
| Maturity: | Oct. 6, 2023
|
| Coupon: | 0%
|
| Price: | Par of €31.85
|
| Initial conversion premium: | 42%
|
| Initial conversion price: | €31.85
|
| Conversion ratio: | 1
|
| Call options: | In certain circumstances
|
| Put options: | Upon a change of control
|
| Bookrunners: | BNP Paribas, Crédit Agricole Corporate and Investment Bank, Société Générale Corporate & Investment Banking (global coordinators), HSBC and Natixis
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 6
|
| Talk: | 0%-0.75%, up 38%-42%
|
| Stock symbol: | Paris: ELIS
|
| Stock price: | €22.40
|
| Market capitalization: | €4.90 billion
|
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