Business
Final Terms of Convertible Bond Offering
Final Terms of Convertible Bond Offering.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 5495J Derwent London PLC 17 July 2013 \n \n\n\n17 July 2013 \n \nNOT FOR DISTRIBUTION IN OR TO THE U.S., CANADA, AUSTRALIA, JAPAN SOUTH AFRICA 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 £150m of Convertible Bonds due 2019 (the \"Bonds\"), announced earlier today.\n \nThe Bonds will have a coupon of 1.125% 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\"). The initial conversion price has been set at £33.35, a premium of 35% above the volume weighted average price of the Shares from launch to pricing on 17 July 2013.\n \nSettlement is expected to take place on or about 24 July 2013 (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 which reflects the confidence that the market has in the Group's property and financing strategy. The high level of demand has enabled us to lower the coupon to 1.125% and to set the conversion premium at the top end of the range.\"\n \nBarclays Bank PLC and The Royal Bank of Scotland plc are acting as Joint Global Coordinators and Joint Bookrunners and HSBC Bank plc, J.P. Morgan Securities plc and UBS Limited are acting as Joint Bookrunners for the offering. Rothschild is acting as financial adviser to Derwent London for the offering.\n \nFor further information, please contact:\n\n\n\n\nDerwent London\n\n\nJohn Burns, Chief Executive Officer\n\n\n\n\nTel: +44 (0)20 7659 3000\n\n\nDamian Wisniewski, Finance Director\n\n\n\n\n \n\n\n\n\nBrunswick\n\n\nSimon Sporborg\n\n\n\n\nTel: + 44 (0) 20 7404 5959\n\n\nElizabeth Adams\n\n\n\n\n \nAbout Derwent London plc\nDerwent London plc owns a portfolio of commercial real estate predominan...