By Kenneth Lim
Boston, July 26 - Finland's Citycon Oyj. on Tuesday priced €100 million of seven-year convertible subordinated bonds within talk at a coupon of 4.5% and an initial conversion premium of 22%. The deal priced at par.
Talk was for a coupon of 4% to 4.5% and an initial conversion premium of 20% to 25%.
The deal came at the high end of the planned size range. Citycon had said the amount offered could have been between €70 million and €100 million.
The initial conversion price is €4.3432. There is a greenshoe option for a further €10 million.
Dresdner Kleinwort and Kempen and Co. were the bookrunners of the deal, which was sold in Europe under Regulation S.
The convertibles are non-callable for the first four years, after which they may be called subject to a 140% price hurdle.
Citycon, a Helsinki-based property investment company focused on retail centers, said it will use the proceeds to finance future investments.
| Issuer: | Citycon Oyj.
|
| Issue: | Convertible subordinated bonds
|
| Bookrunner: | Dresdner Kleinwort, Kempen and Co.
|
| Amount: | €100 million
|
| Greenshoe: | €10 million
|
| Maturity: | Aug. 2, 2013
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 22%
|
| Conversion price: | €4.3432
|
| Conversion ratio: | 230.245
|
| Call protection: | Non-callable 4 years, thereafter callable subject to 140% threshold
|
| Price talk: | 4%-4.5%, up 20%-25%
|
| Pricing date: | July 25 after the close
|
| Settlement date: | Aug. 2
|
| Distribution: | Reg. S
|
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