By Rebecca Melvin
New York, March 10 - Pescanova SA sold €110 million of five-year convertibles at par of €50,000 to yield 6.75% with an initial conversion premium of 25% Wednesday, according to a market source.
Aimed at qualified investors outside of Spain, the issue was managed by BNP Paribas and BPI.
Proceeds are expected to be used to cover general financing needs, to extend debt maturities and to diversify the company's financing sources.
Pescanova is a Vigo, Spain-based fishing company.
| Issuer: | Pescanova SA
|
| Issue: | Convertibles
|
| Amount: | €110 million
|
| Term: | Five years
|
| Underwriters: | BNP Paribas, BPI
|
| Coupon: | 6.75%
|
| Price: | Par of €50,000
|
| Yield: | 6.75%
|
| Conversion premium: | 25%
|
| Pricing date: | March 10
|
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