*CELLNEX CONVERTS ORDERS BELOW 0.75% COUPON RISK MISSING: TERMS
*CELLNEX CONVERT ORDERS BELOW 1.375% YTM RISK MISSING OUT: TERMS
*CELLNEX DELTA ORDERS BELOW EU57.10/SHR RISK MISSING OUT: TERM
Cellnex is offering EU1.5 billion worth of convertible bonds due Nov. 2031, according to terms seen by Bloomberg.
- Notes are marketed with a coupon range of 0.25% to 0.75% and a fixed conversion premium of 70%: terms
- Bonds have a yield-to-maturity range of 0.875% to 1.375%: terms
- Proceeds for general corporate purposes, including financing of M&A: terms
- Concurrently, about EU300m of existing shares are offered in a delta placement to cover short sales for and on behalf of buyers of the equity-linked bonds, who wish to hedge the market risk of participating in the deal: terms
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JPMorgan, BNP Paribas, Goldman Sachs, Morgan Stanley are joint global coordinators: terms
- Credit Agricole, HSBC, Jefferies, Societe Generale joint bookrunners