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VINCI successfully places a tap issue of non-dilutive convertible bonds for €150 million to be fully assimilated to its €400 million non-dilutive convertible bonds due February 2030
Globenewswire· 2025-04-28 19:18
Core Viewpoint - VINCI successfully placed a tap issue of non-dilutive convertible bonds amounting to €150 million, which will be fully assimilated with its existing €400 million non-dilutive convertible bonds due in February 2030 [1][3]. Group 1: Bond Issuance Details - The initial tap issue amount was increased from €125 million to €150 million due to strong investor demand [2]. - The New Bonds will be issued under the same terms as the Original Bonds, with the settlement date expected on 6 May 2025 [3][7]. - The initial issue price of the New Bonds is set at 106.45% of their nominal value, with adjustments based on VINCI's share price over a specified period [6]. Group 2: Hedging and Corporate Use - VINCI will purchase cash-settled call options on its own shares to hedge against potential dilution from the conversion rights attached to the New Bonds [4]. - The net proceeds from the New Bonds will be utilized for general corporate purposes and the purchase of the New Options [5]. Group 3: Offering Process and Restrictions - The New Bonds are being offered through an accelerated book building process to institutional investors only, with no public offering in certain jurisdictions [11][21]. - VINCI has agreed to a lock-up period concerning its shares and equity-linked securities for 60 days post-settlement [9].
VINCI launches a tap issue of non-dilutive convertible bonds for up to €150 million to be fully assimilated to its €400 million non-dilutive convertible bonds due February 2030
Globenewswire· 2025-04-28 15:55
Core Viewpoint - VINCI is launching a tap issue of non-dilutive convertible bonds for a nominal amount of €125 million, which may be increased to €150 million, to be fully assimilated with its existing €400 million non-dilutive convertible bonds due February 2030 [1][2] Group 1: Bond Issuance Details - The New Bonds will be issued on the same terms as the Original Bonds, with the exception of the issue date and price, and will be fully fungible with the Original Bonds upon settlement [2] - The initial issue price of the New Bonds is expected to be between 106.450% and 106.950% of their nominal value, with the final price to be announced on 30 April 2025 [5] - The settlement and delivery date for the New Bonds is anticipated to be on 6 May 2025 [6] Group 2: Use of Proceeds - The net proceeds from the issuance of the New Bonds will be utilized for general corporate purposes and the purchase of new cash-settled call options on VINCI's shares [4][3] Group 3: Market and Regulatory Context - The New Bonds will be offered through an accelerated book building process to institutional investors only, with no public offering in certain jurisdictions including the United States, Australia, South Africa, Canada, and Japan [9][18] - VINCI will agree to a lock-up undertaking regarding its shares and equity-linked securities for a period ending 60 days after the settlement date of the New Bonds [8]