Business
Convertible bond offering
Convertible bond offering.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 7733G Derwent London PLC 17 May 2011 \n \n\n\n17 May 2011 \n \nNOT FOR DISTRIBUTION IN OR TO THE U.S., CANADA, AUSTRALIA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW \n \nDerwent London plc Convertible Bond Offering\n \nDerwent London plc (the \"Group\", the \"Company\" or \"Derwent London\") announces the final terms of its offering of £175 million of Convertible Bonds due 2016 (the \"Bonds\"), announced earlier today.\n \nThe Bonds will have a coupon of 2.75% per annum payable semi-annually in arrear and will be convertible into fully paid Ordinary Shares of the Company (\"the Shares\"). The initial conversion price has been set at £22.22, a premium of 30% above the volume weighted average price of the Shares from launch to pricing less the £0.2025 to be paid to shareholders on the share register on 20 May 2011.\n \nSettlement is expected to take place on or about 2 June 2011 (the \"Settlement Date\"). \n \nJohn Burns, Chief Executive Officer of Derwent London said:\n \n\"We are very pleased with the result of this bond offer and the confidence that the market has shown in the future prospects of the Group. The bonds have been priced at the top end of the premium range and the transaction was substantially oversubscribed at that level.\"\n \nJ.P. Morgan Cazenove and RBS Hoare Govett Limited are acting as Joint Global Coordinators and Joint Bookrunners and HSBC Bank plc and UBS Limited are acting as Joint Bookrunners for the offering.\n \nFor further information, please contact:\nDerwent London John Burns, Chief Executive Officer\nTel: +44 (0)20 7659 3000 ...