Beni Stabili greenshoe brings 2.625% convertibles to €270 million

By Jennifer Chiou

New York, Oct. 14 - Beni Stabili SpA announced that the €20 million greenshoe for its offering of 2.625% 5.5-year convertible bonds was exercised in full, lifting the issue amount to €270 million.

The original €250 million of bonds priced at par of €100,000 on Oct. 8 with an initial conversion premium of 37%, according to a news release.

As reported, the Regulation S offering was initially talked at €230 million in size. Pricing came at the rich end of 2.625% to 3.375% coupon talk and 32% to 37% premium talk.

Mediobanca-Banca di Credito Finanziario SpA, Banc IMI SpA, BNP Paribas and BofA Merrill Lynch International were the joint bookrunners for the bonds.

Proceeds will be used primarily to finance the repurchase of the company's existing €225 million of 3.875% convertibles due 2015 at a repurchase price of 102.75%.

The bonds may be converted into Beni Stabili ordinary shares, subject to approval of a capital increase at the company's extraordinary general meeting to be held no later than May 31, 2014.

Settlement is set for Oct. 17. Settlement of the repurchase is expected on Oct. 18.

Beni Stabili is a Rome-based real estate company focused on office properties in northern and central Italy.

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