Events & Shows29 Nov 2017
BE Semiconductor Industries N.V. Announces € 125 Million Senior Unsecured Convertible Bond Offering
Duiven, the Netherlands, November 29, 2017 - BE Semiconductor Industries N.V. (the "Company" or "Besi") (Euronext Amsterdam: BESI; OTC: BESIY - Nasdaq International Designation) announces today an offering (the "Offering") of € 125 million senior unsecured convertible bonds due 2024 (the "Bonds"), with an option to increase the offering to € 150 million. The net proceeds of the offering will be used to continue the development of next generation advanced packaging technologies and to further expand the Company's Asian manufacturing operations. In addition, the balance of the net proceeds may be used for general corporate purposes including acquisitions and share buybacks.
The Bonds will be convertible into Besi ordinary shares (the "Shares") and are expected to carry a coupon in the range of 0.50% to 1.25% per annum, payable semi-annually on June 6 and December 6 each year, and a conversion premium of 30.0% to 35.0% over the volume weighted average price of the Shares quoted on Euronext Amsterdam between opening of trading today and pricing of the Offering.
The Bonds will be issued at 100% of their principal amount. Unless previously redeemed, converted or purchased and cancelled, the Bonds will be redeemed at their principal amount on or around December 6, 2024. Upon exercise of their conversion rights, holders will receive Shares, as determined by the then prevailing conversion price. The Company will have the option to redeem all but not some of the outstanding Bonds at their principal amount plus accrued interest at any time from December 27, 2021, if the value of the Shares underlying a Bond exceeds € 130,000 for a specified period of time. The Bonds are expected to be issued on December 6, 2017 (the "Issue Date"). Application is expected to be made for the Bonds to be admitted for trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange no later than 30 days after the Issue Date.
The final terms of the Bonds are expected to be announced later today. Morgan Stanley & Co. International plc is acting as Sole Global Coordinator and Sole Bookrunner on the Offering.
To read the full version of our press release, please download the PDF file.