Chicago, Dec. 1 – Bechtle AG placed €300 million of 2% seven-year convertible bonds on Thursday at par with an initial conversion premium of 30%, according to a press release.
The notes came at the midpoint of talk for a coupon of 1.75% to 2.25% and at the cheap end of talk for an initial conversion premium of 30% to 35%.
The bonds will be callable at par starting Jan. 11, 2029 subject to a 130% hurdle.
Bondholders are entitled to a par put on Dec. 8, 2028.
The bonds were placed through an accelerated book building to institutional investors outside of the United States.
Proceeds will be used to fund future growth in Germany and abroad – including through acquisitions – as well as for general corporate purposes.
Based in Neckarsulm, Germany, the issuer is a multinational technology company.
| Issuer: | Bechtle AG
|
| Amount: | €300 million
|
| Issue: | Convertible bonds
|
| Tenor: | Seven years
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Conversion premium: | 30%
|
| Conversion price: | €54.99
|
| Call features: | At par starting Jan. 11, 2029 subject to 130% hurdle
|
| Puts: | At par on Dec. 8, 2028
|
| Trade date: | Nov. 30
|
| Price talk: | Coupon of 1.75% to 2.25% and initial conversion premium of 30% to 35%
|
| Stock symbol: | FWB: BC8
|
| Stock price: | €42.30
|
| Market capitalization: | €5.86 billion
|
| ISIN: | DE000A382293
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