By Abigail W. Adams
Portland, Me., April 13 – Shop Apotheke Europe NV priced €75 million of five-year convertible bonds at par to yield 4.5%, up 25% after the market close on Thursday, according to a company news release.
Pricing came at the cheap end of talk for a coupon of 3.5% to 4.5% and an initial conversion premium of 25% to 32.5%.
Joh. Berenberg, Gossler & Co. KG was the bookrunner.
The Regulation S deal carries a greenshoe of €25 million.
The bonds will be issued in denominations of €100,000.
They are callable on or after May 30, 2021 subject to a 130% hurdle or if 15% or less of the principal amount remains outstanding.
Conversions may be settled in cash, shares, or a combination of both at the company’s option.
Company shares issued upon conversion may be new or existing. Holders have the right to acquire share capital equaling 19.9% of the company’s outstanding share capital, according to a company release.
The bonds will be listed for trade on the open market of the Frankfurt Stock Exchange.
Proceeds will be used to finance acquisitions in the over-the-counter segment of the market in Germany.
Shop Apotheke is Venlo, Netherlands-based operator of online pharmacies throughout continental Europe.
| Issuer: | Shop Apotheke Europe NV
|
| Securities: | Senior convertible bonds
|
| Amount: | €75 million
|
| Greenshoe: | €25 million
|
| Maturity: | 2023
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Conversion premium: | 25%
|
| Conversion price: | €46.6864
|
| Call options: | Non-callable until May 30, 2021 then subject to a 130% hurdle
|
| Bookrunner: | Joh. Berenberg, Gossler & Co. KG
|
| Pricing date: | April 12
|
| Settlement date: | April 19
|
| Talk: | Coupon of 3.5% to 4.5% and initial conversion premium of 25% to 32.5%
|
| Stock symbol: | ETR: SAE
|
| Stock price: | €37.10
|
| Market capitalization: | €448.36 million
|
© 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.
