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Nexity to privately place €180M of convertible bonds

French real estate developer Nexity is launching an offering of convertible bonds with a nominal amount of roughly €180 million through a private placement.

The bonds will carry an annual nominal rate of between 0.000% and 0.375%, payable semiannually on March 2 and Sept. 2 each year, starting in September. The nominal value reflects a premium in the range of 30.0% and 37.5% over Nexity's Feb. 27 share price on the regulated market of Euronext in Paris.

The bonds will be issued March 2 and redeemed at par March 2, 2025, and the net proceeds from the placement will be used for general corporate purposes, the company said in a release.

Bondholders will be given an option to convert their bonds into new and/or existing shares of Nexity. The conversion can be exercised until April 23, 2022, and until Jan. 13, 2025, or on the 28th trading day leading up to the early redemption in April 2022.