By Evan Weinberger
New York, July 5 -Wavecom SA priced €70 million in convertible bonds due Jan. 1, 2014 in the Oceanes structure to yield 1.75% with an initial conversion premium of 29.98% Thursday.
The convertibles came in with a yield at the low end of price talk, which had been for between 1.75% and 2.25%, and a conversion premium in the middle of talk of 25% to 35%.
HSBC Bank plc is the bookrunner and lead manager of the offering. The convertibles were offered at par.
There is a €10.5 million over-allotment option.
The bonds have a nominal value and conversion price of €31.30 per bond.
The bonds are redeemable at maturity at the nominal price of the bond.
There is a call option on Jan. 1, 2012 subject to 130% hurdle or at any time if less then 10% of the bonds issued remain in circulation. There is a put option at any time after Jan. 1, 2012, or in the event of change in control of the company.
Wavecom is an Issy-Les-Moulineaux, France-based wireless communications provider. The company plans to use the proceeds from the bonds for general corporate purposes, specifically to finance internal growth and external growth through acquisitions.
Issuer: Wavecom SA
Issue: Oceanes convertible bonds
| Amount: | €70 million
|
| Greenshoe: | €10.5 million
|
| Maturity: | Jan. 1, 2014
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Yield: | 1.75%
|
| Conversion price: | €31.30
|
| Conversion premium: | 29.98%
|
| Call: | Jan. 1, 2012, with 130% hurdle or if less than 10% of issue remains in circulation
|
| Put: | Jan. 1, 2012
|
| Pricing date: | July 5
|
| Closing date: | July 7
|
| Bookrunner: | HSBC Bank plc
|
| Talk: | Yield 1.75% to 2.25%, conversion premium 25% to 30%
|
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