By Jennifer Chiou
New York, Nov. 16 - CBO Territoria announced that it will issue 23,053,554 of Oceanes with a 6% coupon at a 16.5% conversion premium.
Interest will be payable annually on the first day of each year.
The securities, also known as obligations ΰ option de conversion et/ou d'echange en actions nouvelles ou existantes, will be sized at up to 26,511,584.40 and have a final maturity of Jan. 1, 2020.
The bonds may be put back on Jan. 1, 2018 or Jan. 1, 2019.
The Oceanes each are valued at 3.60, marking a 16.5% premium over the closing price of the company's shares on the NYSE Euronext Paris over the 20 days leading up to Nov. 16.
Company shareholders have an eight-day priority period to subscribe, and they will have the right to obtain one Oceane per five shares held. The subscription period will run from Nov. 19 to Nov. 28 in France in conjunction with a private placement in France and outside of the country, except for the United States, Canada, Australia and Japan.
Proparco has agreed to subscribe for 10 million of the convertibles, and Sodica is managing the issue.
Settlement is anticipated for Dec. 3.
The company said the purpose of the offering is to diversify its financing sources.
The French company manages, constructs and finances real estate development primarily in Ile de La Rιunion.
| Issuer: | CBO Territoria
|
| Issue: | Oceanes
|
| Amount: | 23,053,554, up to 26,511,584.40 overall
|
| Maturity: | Jan. 1, 2020
|
| Manager: | Sodica
|
| Coupon: | 6%
|
| Conversion premium: | 16.5%
|
| Conversion price: | 3.60
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 3
|
| Stock symbol: | EPA: CBOT
|
| Stock price: | 3.04 at close Nov. 16
|
| Market capitalization: | 97.31 million
|
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