By Abigail W. Adams
Portland, Me., Feb. 12 – Bigben Interactive SA priced an upsized €87.3 million, from €85 million, of five-year bonds exchangeable for Nacon SA’s shares on Friday with a coupon of 1.125%, a yield to maturity of 1.7024% and an initial exchange premium of 20%, according to a company news release.
Price talk was for a coupon of 1% to 1.25%, a yield of 1.59% to 1.83% and an initial exchange premium of 20% to 25%, according to a market source.
The bonds will be issued at par and redeemed at maturity at 103% of their nominal value.
BNP Paribas, Berenberg and TP ICAP are joint global coordinators and bookrunners for the Regulation S offering.
The bonds are non-callable for three years and then subject to a 130% hurdle.
They are putable upon a change-of-control or delisting event.
The notes will be settled in cash, shares or a combination of both.
Concurrently, the company sold 3 million shares in an accelerated bookbuilding process to facilitate hedging transactions.
Proceeds will be used to fund organic growth, for potential acquisitions and to finance the company’s share buyback program.
Bigben holds 76.67% of Nacon’s shares.
Bigben Interactive is a Nord, France-based video game developer and publisher.
Nacon is a video game accessory company.
| Issuer: | Bigben Interactive SA
|
| Exchange entity: | Nacon SA
|
| Securities: | Exchangeable bonds
|
| Amount: | €87.3 million
|
| Maturity: | Five years
|
| Bookrunners: | BNP Paribas, Berenberg and TP ICAP
|
| Coupon: | 1.125%
|
| Price: | Par
|
| Redemption price: | 103
|
| Yield: | 1.7024%
|
| Conversion premium: | 20%
|
| Conversion price: | €9.60
|
| Call options: | Non-callable for three years and then subject to a 130% hurdle
|
| Put options: | Upon a change-of-control or delisting event
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 19
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 1% to 1.25%, a yield of 1.59% to 1.83% and an initial exchange premium of 20% to 25%
|
| Stock symbol: | EPA: NACON
|
| Stock price: | €8.28 at market close Feb. 12
|
| Market capitalization: | €703.05 million
|
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