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Non-dilutive cash-settled convertible bond issue

  • 09 Jun 16

To finance some of the upcoming purchase price for the takeover of FTE automotive, the company has issued a $450m convertible bond. The details can be found below. Valeo’s press release: Paris, 9 June 2016, Valeo announces today the launch of an offering of non-dilutive cash-settled convertible bonds due 2021 (the “Bonds”) with a nominal amount of USD450m. As conversion rights in respect of the Bonds will only be cash-settled, the instrument will not result in the issuance of new shares or the delivery of existing shares of Valeo upon conversion. Concurrently, Valeo will purchase cash-settled call options over its own shares to hedge its exposure to pay cash amounts upon any potential exercise of conversion rights embedded in the Bonds. This USD-denominated debt will be immediately converted into euros. The net proceeds of the Bonds offering will be used for general corporate purposes and to finance the acquisitions announced recently. The Bonds will not bear any interest. The Bonds will have a nominal value of USD200,000 per Bond. The Bonds will be issued with an issue price of 100% to 104% of nominal value, corresponding to an annual gross yield to maturity of -0.78% to 0.00%. The Bonds’ initial conversion price will represent an issue premium of 45% above the reference share price for Valeo share, which will be determined as the arithmetic average of the daily volume-weighted´average prices of Valeo share on the regulated market of Euronext in Paris (“Euronext Paris”) over a period of 10 consecutive trading days, starting on 10 June 2016 (the “Reference Period”). The reference share price, the initial conversion price and the initial conversion ratio will be announced by Valeo on or around 23 June 2016. The initial conversion ratio of the Bonds will correspond to the nominal value converted in euros and divided by the initial conversion price. The final terms of the issuance are expected to be announced today, except for the initial conversion price and the initial conversion ratio. Settlement and delivery of the Bonds is expected to take place on 16 June 2016. If not converted or redeemed earlier, the Bonds will be redeemed at nominal value on 16 June 2021.