Neoen to price €200 million five-year convertibles at 1.25%-1.875%, up 35%-42.5%

By Rebecca Melvin

New York, Oct. 2 – Neoen SA is pricing €200 million of five-year convertible bonds exchangeable into new or existing shares of the company in the Oceanes structure to yield 1.25% to 1.875% with an initial conversion premium of 35% to 42.5%, according to a news release.

The bonds will be issued at par, with final terms expected to be announced later on Wednesday.

The bonds may be redeemed at the company’s option after Oct. 28, 3033 if shares exceed 130% of the conversion price for a certain period.

The securities are also putable upon a change of control.

The proceeds of the offering will be used for general corporate purposes with a view to finance growth of generating capacity.

Impala SAS has indicated that it reserves the right to place an order in the book. The company is not aware of the intention of any of its other shareholders to participate in the offering.

The issuer is a renewable energy company based in Paris.

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