HOLLAND :Issue Price of New Ahold Stock Set At Euro 26.00
Royal Ahold, the international food provider, today announced that the pricing of its combined global offering of new common shares and subordinated convertible notes was successful. The stock offering closed last night and subscription to the subordinated convertible notes closed May 12. The total proceeds of the offering will amount to Euro 3.2 billion, excluding the 15% greenshoe option on both instruments. Ahold will use the net proceeds to repay a portion of the debt incurred to finance the acquisition of U.S. Foodservice and the joint venture with the ICA Group. Price per common share set at Euro 26.00 The offering price per common share has been set at Euro 26.00 and per ADS at USD 23.80. The dividend over 1999, to which the new shares and subordinated convertible notes are not entitled, has been taken into account when determining the issue price. Ahold will issue 93 million new common shares for a total value of Euro 2.4 billion. In addition, Ahold will issue an aggregate principal amount of Euro 0.8 billion in subordinated convertible notes. The coupon for these notes has been set at 4% and the conversion price is Euro 33.02, representing a premium of 27% to the issue price of the common shares. Holders can convert the subordinated convertible notes into Ahold common stock at any time from the issue date through maturity on May 19, 2005. Ahold may call the notes under certain circumstances after May 19, 2003.
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