Econocom has completed the
offering of €84 million convertible bonds, due 2016.
The initial offering of 3.5 million bonds, which can be converted
into shares, was upsized to 4 million when Econocom exercised an
over allotment option.
Proceeds of the offering will be used to pay down the senior credit
facility used by Econocom to finance its acquisition of ECS, to
extend its debt maturity profile and for working capital
purposes.
The convertible bonds, which were sold to qualified investors, have
a coupon of 4 percent per annum and were issued at 100 percent of
their value of €21.
The conversion of the 4 million bonds into shares would represent a
dilution of 15.28% of the company’s share capital.
BNP Paribas Fortis was sole global
coordinator, sole bookrunner and lead manager of the
offering.
ING, was co-bookrunner and Petercam was co-lead manager of the
offering.
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