Business
Convertible Bond Offering
Convertible Bond Offering.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 1388N Great Portland Estates PLC 03 September 2013 \n \n\n \n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL\n \n \n3 September 2013\n \n \nGreat Portland Estates plc Convertible Bond Offering\n \nGreat Portland Estates plc (\"GPE\" or the \"Company\") announces the final terms of its offering (the \"Offering\") of £150 million of senior, unsecured Convertible Bonds due 2018 (the \"Bonds\"), announced earlier today. The Bonds will be issued by Great Portland Estates Capital (Jersey) Limited (the \"Issuer\") and guaranteed by the Company.\n \nThe Bonds will have a coupon of 1.0% per annum payable semi-annually in arrear and the initial conversion price has been set at £7.145 per share, representing a premium of 35% above the volume weighted average price of the Company's shares from launch to pricing.\n \nSettlement is expected to take place on or about 10 September 2013.\n \nNick Sanderson, Finance Director of GPE, said: \"We are very pleased with the appetite investors have shown for this convertible bond which was significantly oversubscribed and provides GPE with attractive financing at a low fixed coupon that should further enhance returns for shareholders from our exciting development programme. Our strong track record in accessing funding on competitive terms from a range of sources reflects our focused business strategy, prime central London property portfolio and conservative capital structure.\"\n \nJ.P. Morgan Securities plc and The Royal Bank of Scotland plc are acting as Joint Global Coordinators and Joint Bookrunners (together, the \"Joint Global Coordinators\") and Credit Suisse Securities (Europe) Limited and HSBC Bank plc as Joint Bookrunners (together with the Joint Global Coordinators, the \"Joint Bookrunners\") and Banco Santander, S.A. and Crédit Agricole Corporate and Investment Bank as Co-Managers (together with the Joint Bookrunners, the \"Managers\") in connection with the Offering. Lazard is acting as financial adviser to GPE in relation to the Offering.\n \n \n ...