Remy Cointreau launches €275 million 10-year convertibles to yield 0%-0.25%, up 35%-45%

By Rebecca Melvin

New York, Aug. 31 – Remy Cointreau SA has launched an offering of €275 million of 10-year bonds convertible into new or existing shares, or Oceanes, that were being talked to yield 0% to 0.25% and with an initial conversion premium of 35% to 45%, according to a news release.

The Regulation S offering will be issued at par on Sept. 7 and mature Sept. 7, 2026.

The securities are non-callable until Sept. 30, 2021 and then provisionally callable if shares exceed 130% of the conversion price for more than 20 trading days. There is a put on Sept. 7, 2023.

Proceeds are being used to refinance €205 million of notes issued in 2010 and maturing in December 2016 as well as for general financing purposes.

An application is being made for the listing of the Oceanes on the Open Market of the Frankfurt Stock Exchange.

Remy Cointreau is a Cognac, France-based alcohol manufacturer.

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