Speedel completes 55.5M bond issue

Basel, Switzerland-based biotechnology firm Speedel has successfully completed a convertible bond issue of roughly 55.5 million Swiss francs ($42.0 million) before underwriting commissions and expenses. According to the firm, demand was very strong and the conversion premium was therefore increased to 35.9% from the indicative range of 27% to 33%. Bank Vontobel AG and Bank Rud, Blass & Cie AG acted as lead manager and co-lead manager, respectively. The final terms set on the basis of the book-building process include a reference share price of 166.3 francs, a conversion price of 226 francs and a 1,000 francs denomination per bond. The payment date is January 24.