Household appliance maker croupe seb raised €150m on Tuesday from a debut convertible bond issuance, proceeds from which will part-fund its €1.02bn purchase of Germany's EMSA, which manufactures kitchen tools and accessories. The deal launched with a fixed 0% coupon, an issue price of 100.75%-103.75%, yield to maturity of-0.15% to -0.69% and a high premium of 40%-45%. That is offset against the stock trading at an all-time high at the end of October. The shares had come off nearly 5% by Monday night's close, but were still up by more than 36% since the beginning of the year. As a result, the credit had to be compelling.
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