New York, Oct. 19 – GK Software AG priced €15 million of 3% convertible bonds due 2022 at par with a 21.4837% initial conversion premium.
The deal came at the middle of yield talk that was set at 2.75% to 3.25% and at the rich end of talk for an initial conversion premium of 17.5649% of 21.4837% over the volume-weighted price for the preceding 10 trading days, according to news releases from the issuer.
ICF Bank AG was lead manager for the offering, which was sold to institutional investors.
The bond was three times oversubscribed, the company said.
Proceeds will be used to fund the company’s growth.
GK Software is a Schöneck, Germany-based developer of software for the retail sector.
| Issuer: | GK Software AG
|
| Issue: | Convertible bond
|
| Amount: | €15 million
|
| Maturity: | October 2022
|
| Lead manager: | ICF Bank AG
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Initial conversion premium: | 21.4837%
|
| Conversion price: | €155.00
|
| Call: | From Nov. 16, 2020 subject to 130% hurdle
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 26
|
| Distribution: | Regulation S
|
| Talk: | 2.75% to 3.25% yield, up 17.5649% to 21.4837%
|
| Stock symbol: | Xetra: GKS
|
| Stock price: | €122.80 at close on Oct. 18
|
© 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.
