By Rebecca Melvin
New York, Jan. 25 - Pierre et Vacances - Center Parcs Group priced €100 million of 4.75-year convertible bonds in the Oceane structure at par to yield 4% with an initial conversion premium of 25%, according to a syndicate source.
The Regulation S offering, which has a €15 million greenshoe, came at the rich end of price talk, which was for a coupon of 4% to 4.75% and a 20% to 25% premium.
Joint bookrunners for the offering were Crédit Agricole Corporate and Investment Bank and Société Générale Corporate & Investment Banking.
Proceeds will be used for general financing, including for potential external growth opportunities.
Based in Paris, Pierre et Vacances is an operator of vacation residences.
| Issuer: | Pierre et Vacances - Center Parcs Group
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €100 million
|
| Greenshoe: | €15 million
|
| Maturity: | Oct. 1, 2015
|
| Bookrunners: | Crédit Agricole and Société Générale
|
| Coupon: | 4%
|
| Price: | Par of €76.31
|
| Yield: | 4%
|
| Conversion premium: | 25%
|
| Conversion price: | €76.31
|
| Call: | From Oct. 15, 2013 at par subject to 130% hurdle
|
| Price talk: | 4%-4.75%, up 20%-25%
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 2
|
| Distribution: | Regulation S
|
| Stock symbol: | France: VAC
|
| Reference stock price: | €61.0449 VWAP on Jan. 25
|
| Market capitalization: | €542.4 million
|
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