By Rebecca Melvin
New York, April 21 - Unibail-Rodamco priced €575 million of convertible bonds Tuesday due 2015 at par to yield 3.5% with an initial conversion premium of 30%, according to a news release.
The €575 million Regulation S offering included €75 million from a fully exercised over-allotment option.
The net share settled bonds mature Jan. 1, 2015 and are convertible into new and/or existing shares of Unibail-Rodamco, a Paris-based real estate investment trust.
The offering was managed by Morgan Stanley & Co International plc, acting as global coordinator and joint lead manager and joint bookrunner, and by ABN Amro Corporate Finance France SA and Societe Generale Corporate & Investment Banking, acting as joint lead managers and joint bookrunners.
The bonds are non-callable for four years and provisionally callable thereafter subject to a 130% price hurdle. They have an investor takeover put.
Net proceeds will be used for general financing, to diversify financing and to finance existing or future development projects.
Settlement of the bonds is expected April 29, which is when listing of the bonds is expected on the Euronext Paris market of NYSE Euronext.
| Issuer: | Unibail-Rodamco
|
| Issue: | Convertible bonds
|
| Amount: | €575 million, including fully exercised greenshoe
|
| Greenshoe: | €75 million, already exercised
|
| Maturity: | Jan. 1, 2015
|
| Bookrunners: | Morgan Stanley & Co. International plc, ABN Amro Corporate Finance France SA and Societe Generale Corporate & Investment Banking
|
| Coupon: | 3.5%
|
| Price: | Par of €146.36
|
| Yield: | 3.5%
|
| Conversion premium: | 30%
|
| Call: | Non-callable for four years until Jan. 1, 2014, then provisionally callable at a 130% price hurdle
|
| Puts: | Investor takeover put
|
| Pricing date: | April 21
|
| Settlement date: | April 29
|
| Distribution: | Regulation S
|
| Listing: | Euronext Paris market
|
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