Marine Harvest surprises with €350m CB

02 May 2013

Marine Harvest, the Norwegian salmon fishing firm, sold a €350m convertible bond on Wednesday to fund a €1.2bn acquisition, ending a quiet period in primary CB issuance but surprising many in the market by pricing into a European bank holiday.

Credit Suisse was sole-bookrunner for the five year non-call three bond that was priced at the best terms for investors from the 1.625%-2.375% coupon range and 30%-35% conversion premium over Tuesday’s closing Nkr6.00 ($1.03) a share reference price.

Even at the best end, the terms were seen as ...

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