By Abigail W. Adams
Portland, Me., Sept. 2 – CM.com NV priced €100 million five-year convertible bonds at par with a coupon of 2% and an initial conversion premium of 30%, according to a market source.
BofA Securities Europe SA and ABN Amro in cooperation with ODDO BHF were joint global coordinators for the Regulation S offering.
The bonds are non-callable until Sept. 24, 2024 and then subject to a 130% hurdle.
They are putable upon a change of control. There is dividend protection.
The bonds will be listed for trade on the Frankfurt Stock Exchange.
In connection with the offering, the joint global coordinators sold 250,000 shares to subscribers of the bonds to facilitate hedging activity.
Principal shareholders also intend to enter into a stock lending arrangement with the joint global coordinators with a lending facility size of approximately 500,000 shares.
The borrow rate will be approximately 50 basis points per year.
Proceeds will be used for general corporate purposes.
CM.com is a Breda, Netherlands-based mobile services company.
| Issuer: | CM.com NV
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| Securities: | Convertible bonds
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| Amount: | €100 million
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| Maturity: | Sept. 9, 2026
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| Bookrunners: | BofA Securities Europe SA and ABN Amro
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| Coupon: | 2%
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| Price: | Par
|
| Yield: | 2%
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| Conversion premium: | 30%
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| Conversion price: | €53.30
|
| Call options: | Non-callable until Sept. 24, 2024 and then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
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| Pricing date: | Sept. 2
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| Settlement date: | Sept. 9
|
| Distribution: | Regulation S
|
| Stock symbol: | AMS: CMCOM
|
| Stock reference price: | €41
|
| Market capitalization: | €1.22 billion
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