Beni Stabili Siiq announces in a note the launch of the placement of equity-linked bonds, which will be issued for an initial nominal amount of 230 million euros which can be increased up to a maximum of 270 million in the event of full exercise of the option increase as well as the greenshoe option granted to the joint bookrunners.
The company also communicates the possible simultaneous repurchase, through a reverse bookbuilding operation, of the outstanding equity-linked bonds of Euro 225.000.000 3,875% maturing in 2015 issued by Beni Stabili Siiq.
The bonds will be issued at par with a nominal unit value of €100.000, a maturity of 5,5 years from the date of issue and a fixed coupon ranging from 2,625% to 3,375% annually, payable semi-annually in arrears on 17 April and October 17 of each year, starting April 17, 2014.
The company will have the right to regulate the conversion rights by choosing whether to deliver shares, pay an amount in cash or a combination of shares and cash.
It is expected that the initial conversion price of the bonds will be fixed by applying a premium between 32% and 37% on the weighted average price of Beni Stabili shares recorded on the Italian Stock Exchange between the time of launch and that of pricing of the transaction, subject to possible future anti-dilution adjustments, the note explains.
The bookbuilding of the bonds and the reverse bookbuilding for the repurchase of the existing bonds are two completely independent operations, the press release specifies.
In the case of the repurchase of existing bonds, the repurchase price will be equal to 102,75% of their nominal value, together with the interest accrued and not yet paid.
