Marine Harvest announces EUR 375m bond
Marine Harvest announced on Thursday that it has successfully priced a EUR 375 million (USD 518.6 million) offering of convertible bonds with a five-year tenor.
The senior unsecured bonds are convertible into common shares of the company. The bonds have an annual coupon of 0.875 percent payable semi-annually in arrear and a conversion premium of 35.0 percent over the reference price, which was set at EUR 8.7019 (USD 12).
The bonds will be issued and redeemed at 100 percent of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in 2019. Marine Harvest has the right to call the bonds after approximately three years if the value of the Marine Harvest common shares underlying one bond on the Oslo Stock Exchange (translated into EUR) exceeds, for a specified period of time, 130 percent of the principal amount of a bond.
The bonds are expected to be settled on or around 6 May 2014. The Bonds will not be listed on issue but Marine Harvest may decide to list the bonds on an exchange at a later stage.
The proceeds from the bonds will be used for general corporate purposes including refinancing of the company's indebtedness.
Credit Suisse and Goldman Sachs International are acting as joint bookrunners, while ABN AMRO, BNP Paribas, Deutsche Bank, DNB Markets, Nordea Markets and Rabobank International are acting as co-managers.