By Rebecca Melvin
New York, Aug. 31 – Remy Cointreau SA launched and priced €275 million of 10-year bonds convertible into new or existing shares, or Oceanes, on Wednesday to yield 0.125% and with an initial conversion premium of 40%, according to a news release.
The Regulation S deal priced at the midpoint of price talk for a 0% to 0.25% coupon and 35% to 45% premium.
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 convertible 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.
| Issuer: | Remy Cointreau SA
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €275 million
|
| Maturity: | Sept. 7, 2026
|
| Coupon: | 0.125%
|
| Price: | Par of €80.42
|
| Yield: | 0.125%
|
| Conversion premium: | 40%
|
| Call option: | Non-callable until Sept. 30, 2021 and then provisionally callable at 130% price hurdle
|
| Put: | On Sept. 7, 2023
|
| Price talk: | 0%-0.25% coupon, up 35%-45%
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 7
|
| Distribution: | Regulation S
|
| Stock symbol: | Paris: RCO
|
| Stock reference price: | €80.42
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
