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Convertibles Calendar: Upsized Cemex, ReneSola to price
MARCH 9
CEMEX SAB DE CV (NYSE: ADS: CX): $1.2 billion in dual-tranche offering; five- and seven-year maturities; Rule 144A and Regulation S; after the market close on Wednesday; half talked to yield 3%-3.5%, up 27.5%-32.5%, and half talked to yield 3.5%-4%, up 27.5%-32.5%; $90 million greenshoe each; capped call transactions; proceeds for general corporate purposes, including repayment of debt and the purchase of the capped call; bookrunners include J.P. Morgan Securities, Citigroup, Bank of America Merrill Lynch, Barclays Capital, ING, RBS Securities, BNP Paribas, Santander, BBVA and HSBC; co-managers include Mizuho Securities, Lazard Capital Markets, Scotia Capital, Williams Group, Credit Agricole and Caja Madrid; Monterrey, Mexico-based cement company.
RENESOLA LTD. (NYSE: ADS: SOL): $175 million of seven-year convertible bonds; after the market close Wednesday; talked to yield 3.625%-4.125%, up 20%-25%; Rule 144A; $25 million greenshoe; via joint bookrunners Credit Suisse and Barclays Capital; non-callable for life; standard takeover and dividend protection; capped call transactions; proceeds to expand polysilicon production capacity and purchase capped calls; Jiashan, China-based manufacturer of solar products.
ON THE HORIZON
PPL CORP. (NYSE: PPL): $750 million to $950 million of convertible equity units; proceeds to fund partially the acquisition of Central Networks from E.ON UK plc; PPL is also planning to issue $2.95 billion to $3.25 billion of unsecured debt and $1.7 billion to $1.9 billion of PPL stock for £4 billion acquisition; Allentown, Pa.-based electricity producer and distributor to about 4 million customers in Pennsylvania and the United Kingdom.
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