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Name | Symbol | Market | Type |
---|---|---|---|
Mol Magyar Olay Es Gazipari Rt (PK) | USOTC:MGYOY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.032 | 0.84% | 3.86 | 3.79 | 3.93 | 3.86 | 3.808 | 3.85 | 6,746 | 16:13:56 |
Czech 70% state-owned utility CEZ AS (BAACEZ.PR) announced an offering of approximately 470.2 million euro ($640 million) bonds exchangeable for the shares of Hungarian oil and gas company MOL Nyrt (MOL.BU), the company said on its website after pricing of the bonds on Tuesday.
MAIN FACTS:
- The deal was priced with a 0.00% coupon and initial exchange price was set at EUR61.25 per share, reflecting a premium of 35%.
- The premium is calculated over the volume-weighted average price of HUF13,796.40 of the shares on the Budapest Stock Exchange between launch and pricing of the bonds. The forint value was calculated into euros using the euro-forint exchange rate of HUF304.1.
- CEZ announced the offering after MOL's option to buy the shares expired last Thursday.
- Settlement is expected to take place Feb. 4.
- The bonds will be issued at 100% of their principal amount and, unless previously exchanged, redeemed or purchased and canceled, will be redeemed on Aug. 4, 2017 at the issuer's option in cash or through the delivery of MOL shares or a combination of shares and cash.
- Bond holders will have the right to exchange the bonds for shares between Jan 25, 2017 and July 21, 2017, with the issuer having the right to choose to deliver part or all of the due amount in cash.
- CEZ holds an ownership stake of 7.35% in MOL, which it acquired for HUF30,000 apiece in January 2008, with an option to buy them back at HUF 20,000 any time within three years. The acquisition was part of a strategic partnership agreement between the two companies. An extended option, carrying the same price, expired Jan. 23.
- CEZ was trading down 2.8% or CZK14.5 at CZK500 at 16:03 GMT and MOL was trading down 1.2% or HUF170 at HUF13,660.
Write to the Budapest bureau at budapest@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Mol Magyar Olay Es Gazip... (PK) Chart |
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