Business
Convertible Bond Offering
Convertible Bond Offering.
About this update from Asos Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8872U\n ASOS PLC\n 08 April 2021\n \n \n \n \n NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.\n \n \n This press release relates to the disclosure of information that qualified, or may have qualified, as inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the \"EU Market Abuse Regulation\") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. \n \n \n \n \n \n ASOS plc\n \n \n For immediate release: 8 April 2021\n \n \n \n ASOS plc launches senior unsecured guaranteed convertible bond offering of £\n \n \n 500 million due 2026\n \n \n \n ASOS plc (the \"Company\" or \"ASOS\") today announces the launch by its wholly owned subsidiary Cornwall (Jersey) Limited (the \"Issuer\") of an offering (the \"Offering\") of £500 million of senior unsecured guaranteed convertible bonds due 2026 (the \"Bonds\"), guaranteed by the Company and ASOS.com Limited (the \"Guarantors\").\n \n \n The net proceeds of the issue of the Bonds will provide ASOS with additional flexibility to continue to invest behind its global growth strategy, as well as refinancing the acquisition of Topshop brands completed in February 2021. \n \n \n The Bonds will be issued at par and are expected to carry a coupon of between 0.50% and 1.00% per annum payable semi-annually in arrear in equal instalments on 16 April and 16 October in each year, with the first interest payment date being 16 October 2021. The Bonds will be convertible into preference shares of the Issuer (the \"Preference Shares\") which will be exchanged for ordinary shares of the Company (the \"Shares\"). The initial conversion price is expected to be set at a premium between 45% and 50% above the reference share price which will be equal to the placement price of a Share in the Concurrent Delta Placement (as defined and further described below). The conversion price will be subject to adjustment in certain circumstances in line with market practice. \n \n \n Settlement and delivery of the Bonds is expected to take place on or about...