Business
Convertible Bond Offering and Repurchase - Update
Convertible Bond Offering and Repurchase - Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 2918B Derwent London PLC 05 June 2019 \n\nNOT FOR DISTRIBUTION IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR IN OR TO ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW\n \n \nDerwent London plc Convertible Bond Offering and Concurrent\nRepurchase of Outstanding Convertible Bonds due 2019 \n \n \nDerwent London plc (the \"Company\", together with its subsidiaries, the \"Group\") announces the final terms of (i) its offering of £175 million of Convertible Bonds due 2025 (the \"Bonds\") and (ii) the results of the concurrent repurchase (the \"Concurrent Repurchase\") of the outstanding £150 million Convertible Bonds due 2019 (ISIN: XS0954745351) issued by Derwent London Capital No. 2 (Jersey) Limited (the \"Outstanding Bonds\"), announced earlier today.\nThe offering aims to fully fund the Concurrent Repurchase through issue of the Bonds with any remaining proceeds used to help fund the Group's development pipeline, provide resources for future acquisitions and otherwise be used for general corporate purposes.\nOffering of Bonds\nThe Bonds will carry a coupon of 1.5% per annum payable semi-annually in arrear and will, subject to certain conditions, be convertible into fully paid ordinary shares of the Company (the \"Shares\").\nThe initial conversion price will be set at a premium of 37.5% above the volume weighted average price of a Share for the two consecutive trading days starting on 6 June 2019. The initial conversion price will be subject to adjustment in certain circumstances in accordance with the terms and conditions of the Bonds.\nSettlement of the Bonds is expected to take place on or about 12 June 2019.\nConcurrent Repurchase\nAt the close of the reverse bookbuilding process, the Group received indications of interest from holders of the Outstanding Bonds representing £146.2 million in aggregate principal amount of the Outstanding Bonds (approximately 97.5% of the outstanding principal amount).\nFollowing the reference share price being set, which is expected after close of market on 7 June, the Company will publish a press release announcing the final repurchase price per £100,000 in principal amount of Outstanding Bonds.\nSettlement of the Concurrent Repurchase is expected to occur on 13 June 2019.\n£3.8 ...