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Indra Sistemas plans up to €250 million five-year convertibles to yield 1.75%-2.5%, up 25%-30%
By Rebecca Melvin
New York, Oct. 8 - Indra Sistemas SA launched an offering of up to €250 million of five-year convertible bonds Tuesday that were talked to yield 1.75% to 2.5% with an initial conversion premium of 25% to 30%, according to a news release.
Citigroup Global Markets Ltd. and J.P. Morgan Securities plc are the joint bookrunners for the Regulation S bonds, which have a €100,000 par. Banco Santander SA is a co-bookrunner and Natixis is a co-lead manager on the deal.
The bonds are non-callable for three years and then provisionally callable if the underlying shares exceed €130,000.
Proceeds will be used to extend the company's debt maturity profile.
Settlement of the convertibles is expected Oct. 17. The bonds are expected to be listed on the Freiverkehr of the Frankfurt Stock Exchange.
Indra Sistemas is a Madrid, Spain-based information technology solutions and services company.
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