New York, Oct. 27 - Club Mediterranee SA priced €130.4 million of six-year convertibles in the Oceanes structure to yield 4.375% with a 32.44% initial conversion premium.
The deal came at the rich end of yield talk of 4.375% to 4.875% and the middle of premium talk of 30% to 35%.
Calyon and Lazard-IXIS were bookrunners for the Regulation S sale.
The deal was seven times oversubscribed, according to the company.
Club Mediterranee said it is also obtaining a new line of credit due October 2009 for €70 to €90 million. Proceeds of the new bank facility and the convertibles will be used to repay the company's €220 million credit facility due June 2005.
The Paris-based vacation resort operator said the transactions extend the maturity of its debt, offer an attractive financing cost and, if the bonds are converted, enhance its financial strength.
| Issuer: | Club Mediterranee SA
|
| Issue: | Oceanes convertibles
|
| Amount: | €130.4 million
|
| Greenshoe: | €19.6 million
|
| Maturity: | Nov. 1, 2010
|
| Coupon: | 4.375%
|
| Price: | Par of €48.50
|
| Yield: | 4.375%
|
| Conversion premium: | 32.44%
|
| Conversion price: | €48.50
|
| Conversion ratio: | 1
|
| Call: | Nov. 1, 2007 onwards at par, subject to 120% hurdle
|
| Talk: | 4.375% to 4.875%, up 30% to 35%
|
| Bookrunners: | Calyon, Lazard-IXIS
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 3
|
| Distribution: | Regulation S
|
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