Fugro N.V., a provider of geo-intelligence and asset integrity solutions for construction, infrastructure and natural resources sector, has raised EUR190 million (USD209.03 million) in subordinated convertible notes due 2021.
The bonds will bear an interest rate of 4% per annum, payable semi-annually in arrear in equal instalments on April 26 and October 26 in each year, and an initial conversion price of EUR19.4416 (USD21.38), representing a premium of 30% over the volume weighted average price of the certificates quoted on Euronext Amsterdam between opening of trading today and pricing.
The bonds will be convertible into certificates, representing ordinary shares in the capital of Fugro. The bonds will be issued at 100% of their principal amount. Upon exercise of conversion rights, the holders will receive certificates, as determined by the then prevailing conversion price. The company will have the option to convert all but not some of the outstanding bonds into certificates at the then prevailing conversion price at any time from November 18, 2019.
The certificates underlying the Bonds correspond to approximately 11.5% of the company’s issued share capital.
HSBC acted as sole global coordinator and sole book-runner on the offering.ABN AMRO acted as the co-manager for the offering.