By Abigail W. Adams
Portland, Me., Oct. 13 – MorphySys AG priced €325 million of five-year convertible bonds on Tuesday at par with a coupon of 0.625% and an initial conversion premium of 40%, according to a 6-K filing with the Securities and Exchange Commission.
Pricing came at the rich end of talk for a coupon of 0.625% to 1.125% and an initial conversion premium of 35% to 40%.
Goldman Sachs International and JPMorgan were joint global coordinators and joint bookrunners for the offering, which was marketed to qualified institutional buyers in the European Economic Area and United Kingdom.
The bonds are non-callable until Nov. 6, 2023 and then subject to a 130% hurdle.
The convertibles will be traded on the Frankfurt Stock Exchange.
Proceeds will be used for general corporate purposes, which may include acquisitions.
MorphoSys is a Munich-based biopharmaceutical company.
| Issuer: | MorphySys AG
|
| Securities: | Convertible bonds
|
| Amount: | €325 million
|
| Maturity: | Oct. 16, 2025
|
| Bookrunners: | Goldman Sachs International and JPMorgan
|
| Coupon: | 0.625%
|
| Price: | Par
|
| Yield: | 0.625%
|
| Conversion premium: | 40%
|
| Conversion price: | €131.29
|
| Call options: | Non-callable until Nov. 6, 2023 subject to a 130% hurdle
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 16
|
| Distribution: | EEA and United Kingdom
|
| Talk: | Coupon of 0.625% to 1.125% and initial conversion premium of 35% to 40%
|
| Stock symbol: | FRA: MOR
|
| Stock price: | €93.7766 VWAP on Oct. 13
|
| Market capitalization: | €3.21 billion
|
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