Q-Cells tightens convertible terms

Q-Cells revised the terms of a Eu120m convertible bond it launched on Thursday morning after meeting heavy demand. Joint bookrunners Citi, Goldman Sachs and UniCredit tightened the terms to a coupon of 6.75% and a conversion premium of 25% to 27.5%.

  • 14 Oct 2010

They had offered the five year non-call three year securities with a coupon of 6.75% to 7.75% and a conversion premium of 20% to 25%. The call is subject to a 150% trigger.

The deal is being offered following completion of Q-Cells’ Eu127m rights issue and shareholders also have ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 20,521.83 80 6.93%
2 Barclays 20,382.90 37 6.89%
3 JPMorgan 18,760.94 72 6.34%
4 Goldman Sachs 17,444.96 41 5.89%
5 BNP Paribas 16,525.22 36 5.58%

Bookrunners of All Syndicated Loans EMEA

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1 HSBC 48,528.41 214 6.32%
2 Deutsche Bank 44,075.51 161 5.74%
3 BNP Paribas 41,452.79 240 5.40%
4 JPMorgan 37,278.65 134 4.85%
5 SG Corporate & Investment Banking 36,258.27 187 4.72%

Bookrunners of all EMEA ECM Issuance

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1 Goldman Sachs 1,607.28 5 24.01%
2 Credit Suisse 1,301.65 4 19.45%
3 UBS 970.80 3 14.50%
4 BNP Paribas 522.35 4 7.80%
5 SG Corporate & Investment Banking 444.17 3 6.64%