Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announces the successful placement of CHF 100 million senior unsecured convertible bonds due 2020, with an investor put option in 2018 (the “Convertible Bonds”). The proceeds from the offering will mainly be used for funding of potential working capital requirements, investments in demo equipment and general corporate purposes.
The coupon of the Convertible Bonds has been set at 4%. The conversion price was fixed at CHF 11.39, representing a premium of 27.5% over the volume weighted average price of the shares between the announcement and pricing of the Convertible Bonds today. The Convertible Bonds were issued at 100% of their principal amount and, unless previously redeemed, converted or repurchased and cancelled, will mature on 24 September 2020 at 100% of their principal amount. The Convertible Bonds also carry an investor put option after four years, i.e. on 24 September 2018.
The bonds will be convertible into 8.78 million registered shares of Meyer Burger Technology Ltd, representing 9.77% of the current outstanding share capital of Meyer Burger Technology Ltd (the “Shares”). The Shares to be delivered upon conversion shall be sourced from conditional capital and/or from the existing authorised capital[1]. The pre-emptive rights of the shareholders to subscribe to the Convertible Bonds were excluded for this offering. The offering attracted high demand from domestic and international investors.
Application will be made for the Convertible Bonds to be admitted for listing and trading on the SIX Swiss Exchange, with provisional trading expected to start on or around 23 September 2014. Payment and settlement of the Convertible Bonds is expected to be on or around 24 September 2014.
The offering consisted of a public offering in Switzerland and private placements in certain jurisdictions outside of Switzerland and the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended, and in accordance with applicable securities laws, rules and regulations.
Credit Suisse and UBS are acting as Joint Bookrunners on the Convertible Bond offering.
