By Marisa Wong
Madison, Wis., Nov. 15 - Azimut Holding SpA priced €250 million of seven-year convertible bonds at par to yield 2.125% with an initial conversion premium of 30%, according to a company press release.
Price talk was set at 1.625% to 2.125% with an initial conversion premium of 30% to 35%, based on the volume weighted average price of the company's stock on Nov. 11, which was €18.6612.
Credit Suisse Securities (Europe) Ltd. was the bookrunner.
Settlement is slated for Nov. 25.
Azimut said it will use the proceeds from the issuance for general corporate purposes, to grow its business and for acquisitions.
The asset management company is based in Milan, Italy.
| Issuer: | Azimut Holding SpA
|
| Issue: | Convertible bonds
|
| Amount: | €250 million
|
| Maturity: | Nov. 25, 2020
|
| Bookrunner: | Credit Suisse Securities (Europe) Ltd
|
| Coupon: | 2.125%, payable semiannually
|
| Price: | Par of €100,000
|
| Yield: | 2.125%
|
| Conversion premium: | 30%
|
| Price talk: | 1.625%-2.125%, up 30%-35%
|
| Pricing date: | Nov. 11
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Borsa Italiana: AZM
|
| Stock price: | €18.51 at close Nov. 11
|
| Market capitalization: | €2.59 billion
|
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