Q-Cells tightens convertible terms

13 Oct 2010

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%.

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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial