Artemis Launches Kering €375 Million Convertible Bond Offer
The bond offer from Francois Pinault's family holding company will give investors exposure to shares in Pinault's luxury goods group Kering.
PARIS, France — The family holding company of Francois Pinault has launched a bond offer worth €375 million ($449.4 million), giving investors exposure to shares in Pinault's luxury goods group Kering.
Pinault's Artemis holding company announced the bond launch on Tuesday. Investors will have the right to exchange their bonds into a cash amount which will be determined based on the performance of Kering's shares, added Artemis.
It said the bonds would have a par value of €100,000 per bond and bear no interest.
The bonds will be issued on September 22 at a price between 100.5-104 percent of their nominal value, corresponding to an annual gross yield to maturity between -0.71 percent to -0.09 percent. They will also be redeemed at par on March 31, 2023.
The initial exchange price will represent an issue premium of 35 percent over a Kering share reference price.
Credit Agricole, Natixis and SocGen are managing the bond issue.
By Sudip Kar-Gupta; Editor: Mathieu Rosemain.