Worldline issues first CB at aggressive terms

Payment Card
By Aidan Gregory
25 Jul 2019

Worldline, the French payments company, attracted strong investor demand for a negative-yielding €600m convertible bond due in 2026, to refinance its acquisition of a minority stake in equensWorldline, its transaction processing subsidiary.

Worldline marketed the zero coupon bonds with an initial issue price range of 103.5-107.0, implying a yield to maturity of minus 0.96% to minus 0.29%. The initial conversion premium range was fixed at 55%-66%.

The CB was subsequently priced at 107.0, with a 60% conversion premium — the ...

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