By Abigail W. Adams
Portland, Me., July 25 – Worldline priced an upsized €600 million of 0% convertible bonds due 2026 on Thursday with an offer price of 107 to yield negative 0.96% and an initial conversion premium of 60%, according to a company news release.
Pricing came at the rich end of talk for an issue price of 103.5 to 107 to yield negative 0.96% to negative 0.49% and an initial conversion premium of 55% to 60%, according to a market source.
The initial size of the deal was €500 million.
J.P. Morgan Securities plc, BNP Paribas and Natixis were joint global coordinators for the offering.
The bonds are callable from July 30, 2024 until their maturity subject to a 130% hurdle. They are also subject to a 15% clean-up call.
Proceeds will be used to refinance the bridge financing secured in connection with the acquisition of a minority stake in equensWorldline, according to a company news release.
Wordline is a Bezons, France-based financial technology company.
| Issuer: | Wordline
|
| Securities: | Convertible bonds
|
| Amount: | €600 million
|
| Maturity: | July 30, 2026
|
| Bookrunners: | J.P. Morgan Securities plc, BNP Paribas and Natixis
|
| Coupon: | 0%
|
| Price: | 107
|
| Yield: | Negative 0.96%
|
| Conversion premium: | 60%
|
| Conversion price | : | €103.20
|
| Call options: | Callable from July 30, 2024 subject to a 130% hurdle
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Talk: | Issue price of 103.5% to 107% to yield negative 0.96% to negative 0.49% and an initial conversion premium of 55% to 60%
|
| Stock symbol: | WLN: FP
|
| Stock price: | €64.5027
|
| Market capitalization: | €11.854 billion
|
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