By Rebecca Melvin
New York, March 14 - BNP Paribas priced €250 million of 3.5-year bonds exchangeable into shares of Pargesa Holding SA to yield 0.25% with an initial conversion premium of 15%, according to a news release.
Pricing of the Regulation S deal was fixed toward the cheap end and at the cheap end of talk, which was 0% to 0.375% for the coupon and 15% to 22% for the premium. Deal size was initially talked in a range of €230 million to €265 million.
Pargesa is a Geneva-based investment holding company and parent company of a diversified group of industrial and services companies.
BNP Paribas and Commerzbank AG were joint bookrunners of the deal.
Proceeds will be used for general corporate purposes.
The initial exchange price is €61.7133. The bonds are convertible from May 6, 2013.
The bonds are non-callable and can be redeemed at maturity at par for cash, shares or a combination of cash and shares.
Pargesa shares trade on the SIX Swiss Exchange. The exchangeables are expected to be listed on the Euro MTF market of the Luxembourg Stock Exchange.
| Issuer: | BNP Paribas
|
| Exchange entity: | Pargesa Holding SA
|
| Issue: | Exchangeable bonds
|
| Amount: | €250 million
|
| Maturity: | Sept. 27, 2016
|
| Bookrunners: | BNP Paribas, Commerzbank AG
|
| Coupon: | 0.25%
|
| Price: | Par
|
| Yield: | 0.25%
|
| Conversion premium: | 15%
|
| Conversion price: | €61.7133
|
| Price talk: | 0%-0.375%, up 15%-22%
|
| Pricing date: | March 14
|
| Settlement date: | March 27
|
| Stock symbol: | Switzerland: PARG
|
| Distribution: | Regulation S
|
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