By Stephanie N. Rotondo
Seattle, Nov. 9 Rallye SA set the initial exchange rate for its previous 200 million placement of 5.25% non-dilutive cash-settled bonds due Feb. 1, 2022 that are exchangeable for ordinary shares of Casino, Guichard-Perrachon SA.
The initial exchange price 59.9760 represents a 30% premium over the 46.1361 share reference price, according to a press release.
The deal was first announced on Oct. 19.
BNP Paribas and Credit Agricole CIB are the joint bookrunners.
The share reference price was calculated by the 15-day average of the daily volume weighted average price for the Euronext-listed shares in Paris. The reference period began Oct. 20 and concluded on Nov. 9.
The securities will be listed on the Frankfurt Stock Exchange.
Concurrently, Rallye is purchasing cash-settled call options to hedge the companys economic exposure to the potential exercise of the exchange rights of the bonds.
It is also expected that hedge counterparties to the call options will enter into transactions to hedge their respective positions under the options through the sale, purchase of shares or any other transactions, on the market and off-market, at any time, and in particular during the reference period and at or around the exchange or redemption of the bonds.
Proceeds will be used for general corporate purposes, including the purchase of the call options.
Rallye is a Paris-based distributor of food and sports items. Casino is an affiliated company.
| Issuer: | Rallye SA
|
| Exchange entity: | Casino, Guichard-Perrachon SA
|
| Securities: | Non-dilutive, cash settled bonds, exchangeable for ordinary shares of Casino, Guichard-Perrachon SA
|
| Amount: | 200 million
|
| Maturity: | Feb. 1, 2022
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB
|
| Coupon: | 5.25%
|
| Conversion premium: | 30%
|
| Conversion price: | 59.9760
|
| Announcement date: | Oct. 19
|
| Settlement date: | Oct. 26
|
| Stock symbol: | Paris: RAL
|
| Share reference price: | 46.1361
|
| Market capitalization: | 811.675 million
|
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