Do not liked on the Milan Stock i pricing offer of shares and convertible Fiat Chrysler Automobiles . The title of the automotive group, after the difficulties in being able to make money, when the Top Stories shows a fall of 4.94% to 9.32 euro. FCA this morning has set the price of ‘ offering of 87 million common shares , from the nominal value 0.01 euro per share, “consist of ordinary shares held by FCA and additional ordinary shares that FCA intends to issue to replenish the capital of the shares canceled following the exercise by shareholders of Fiat of withdrawal rights in connection with cross-border merger of Fiat in FCA, “he recited a note. The shares offered to the public will be sold at the offering price of $ 11 per share . The placing banks offer, remembers the note, have an option to purchase from FCA until further 13 million ordinary shares.
FCA also announced the offer pricing of the bond convertible notes for a total of $ 2.5 billion due 2016 . The placing banks offer have the option to purchase an additional amount of FCA up to $ 375 million of bonds convertible notes that will be issued at 100% of the amount and will be mandatorily converted into ordinary shares FCA December 15, 2016 , subject to the possibility of early conversion at the option of the holder or FCA or following the occurrence of specific events based on their terms.
The coupon of the loan will dell’7,875% per year , payable annually December 15, 2015 and 2016, and a choice of FCA, will be paid in shares of FCA to rate mandatory conversion. FCA will have the option to defer the payment of coupons, providing such deferment does not go beyond the due date of mandatory conversion. The loan will be issued in denominations of $ 100 and the conversion rate will be equal to 9.0909 common shares for each bond convertible notes while the minimum rate will be equal to 7.7369 for ordinary shares each bond convertible notes, in both cases with adjustment in certain circumstances.
The shareholder of FCA, Exor , has agreed to purchase a total of 886 million dollars of converting “in order to preserve its holding of approximately 30% (fully diluted) of the ordinary shares of FCA. ” In case of overallotment options are exercised in full in both offers, the participation of the ordinary share capital of Exor FCA will become equal to approximately 29.5% of the ordinary shares of FCA . The placing banks will not receive any fee or commission on the part of the mandatory convertible bonds purchased by Exor.
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