By Rebecca Melvin
New York, Sept. 25 - Rallye SA launched and priced Wednesday €375 million of 1%, seven-year bonds at par that are exchangeable for existing shares of Casino, Guichard-Perrachon SA. The bonds have a 2.25% yield to maturity and an initial conversion premium of 30%, according to a news release.
Pricing of the Regulation S deal was at the rich end of talk, which was for a redemption price between 109.36% and 113.31%, a 2.25% to 2.75% yield to maturity and 25% to 30% premium.
Proceeds shall be used for Rallye's general financing needs.
The bonds are non-callable until Oct. 17, 2017 and then are provisionally callable if shares exceed 130% of the conversion price for a specified period. The bonds may be put on Oct. 2, 2018.
BNP Paribas, Deutsche Bank and the Royal Bank of Scotland were joint bookrunners of the offering.
Settlement is expected Oct. 2.
Application will be made to have the bonds admitted to trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange or on an internationally recognized stock exchange.
Paris-based Rallye is a food and sporting goods products distributor.
Casino is a food retailer based in Saint-Etienne, France.
| Issuer: | Rallye SA
|
| Issue: | Exchangeable bonds
|
| Exchangeable entity: | Casino, Guichard-Perrachon SA
|
| Amount: | €375 million, upsized from €300 million
|
| Maturity: | Oct. 2, 2020
|
| Bookrunners: | BNP Paribas, Deutsche Bank, the Royal Bank of Scotland
|
| Co-managers: | Credit Agricole CIB, Natixis, Societe Generale CIB
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 2.25%
|
| Premium: | 30%
|
| Calls: | Non-callable until Oct. 17, 2017, then provisionally callable at 130% price hurdle
|
| Puts: | Oct. 2, 2018
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Distribution: | Regulation S
|
| Market capitalization: | €1.344 billion
|
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