March 1997
Three's company
Issuer: Canal+
Amount: Ffr2 billion, exchangeable into shares of Mediaset
Launched: February 12
Lead manager: Lehman Brothers, UBS
Last September, giant French pay-TV company Canal+ announced its acquisition from Richemont SA and MIH Ltd of the European television operations of Nethold. That deal is due to close in April. Even before completion it led last month to a smart piece of corporate finance: a Ffr2 billion issue by Canal+ of five-year bonds exchangeable into shares of the leading Italian commercial television and media company Mediaset.
Bonds exchangeable into an issuer's own shares or its parent's are common: bonds exchangeable into an already purchased block of shares of a third party company are much rarer. This deal takes the concept to a new and previously unheard of level: a convertible into shares which the issuer doesn't even own yet. It was an opportunistic, almost cheeky transaction, but one that may point...
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