Chicago, July 28 – Cellnex Telecom, SA priced €1 billion of 2.125% senior convertible bonds due 2030 (//BBB-) on Friday, according to a notice.
The coupon was fixed before pricing. Price talk on the conversion premium was 62.5% to 67.5%.
The conversion price is €62.4211, but the effective conversion price is €71.66. This is because the redemption price was going to be set between 110.7 and 114.8, for a yield to maturity between 3.5% and 4%.
The bonds are convertible starting Sept. 1, 2028 subject to a 150% hurdle.
BNP Paribas, Jefferies and J.P. Morgan were the joint global coordinators and joint bookrunners for the offering.
Barclays, Citigroup, Goldman Sachs Bank Europe SE, HSBC, Morgan Stanley Europe SE and Societe Generale were joint bookrunners.
Co-bookrunners included Banco Sabadell, Banco Santander, BBVA, CaixaBank, Credit Agricole CIB, Deutsche Bank AG, ING, Intesa Sanpaolo, Mediobanca, Mizuho, MUFG, Natixis, Landesbank Baden-Wurttemberg, RBC Capital Markets and UniCredit Bank AG.
The company conducted the offering to increase its average debt maturity.
The issue was targeted at professional investors, including those holding the company’s bonds due 2026.
The issue was conditioned on bondholders of at least half of the company’s convertible due 2026 agreeing to sell their bonds. It was announced that bondholders holding 99% of the existing bonds due 2026 agreed to participate.
The bonds will be listed in Frankfurt.
Cellnex operates telecommunications and broadcast antenna towers in Spain, Italy, France and the Netherlands. The company is based in Madrid.
| Issuer: | Cellnex Telecom, SA
|
| Amount: | €1 billion
|
| Issue: | Senior convertible bonds
|
| Maturity: | Aug. 11, 2030
|
| Bookrunners: | BNP Paribas, Jefferies, J.P. Morgan (joint global coordinators), Barclays, Citigroup, Goldman Sachs Bank Europe SE, HSBC, Morgan Stanley Europe SE, Societe Generale (joint bookrunners)
|
| Co-bookrunners: | Banco Sabadell, Banco Santander, BBVA, CaixaBank, Credit Agricole CIB, Deutsche Bank AG, ING, Intesa Sanpaolo, Mediobanca, Mizuho, MUFG, Natixis, Landesbank Baden-Wurttemberg, RBC Capital Markets and UniCredit Bank AG
|
| Coupon: | 2.125%
|
| Price: | Par
|
| Yield: | 2.125%
|
| Conversion price: | €62.4211
|
| Effective conversion price: | €71.66
|
| Conversion premium: | 62.5%
|
| Trade date: | July 28
|
| Settlement date: | Aug. 11
|
| Ratings: | Fitch: BBB-
|
| Price talk: | Conversion premium of 62.5% to 67.5%.
|
| Stock symbol: | BME: CLNX
|
| Stock price: | €38.40 on July 28
|
| Market capitalization: | €27.4 billion
|
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