By Kenneth Lim
Boston, Nov. 10 - Actelion Finance SCA on Thursday priced CHF 460 million of five-year zero-coupon convertible senior bonds within talk to yield 0% with an initial conversion premium of 31%.
The deal amount includes CHF 60 million of an over-allotment option that was immediately exercised.
The convertibles were talked to yield negative 0.5% to 0% with an initial conversion premium of 27.5% to 32.5% and were offered at par.
Credit Suisse and Lehman Brothers were the bookrunners of the Regulation S offering.
The convertibles are non-callable.
They will be listed in Switzerland.
Actelion, an Allschwil, Switzerland-based biopharmaceutical company, said the proceeds of the deal will be used for general purposes and for convertible note hedge transactions. The company is also considering possible buybacks of its outstanding convertible bonds due 2008.
| Issuer: | Actelion Finance SCA
|
| Issue: | Convertible senior bonds
|
| Bookrunners: | Credit Suisse and Lehman Brothers
|
| Amount: | CHF 460 million, including CHF 60 million greenshoe already exercised
|
| Greenshoe: | CHF 60 million, already exercised
|
| Maturity: | Nov. 22, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 31%
|
| Conversion price: | CHF 270.84
|
| Cash settlement option: | Yes
|
| Call protection: | Non-callable
|
| Price talk: | Minus 0.5%-0%, up 27.5%-32.5%
|
| Pricing date: | Nov. 9
|
| Guarantees: | Actelion Ltd.
|
| Distribution: | Regulation S
|
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