By Rebecca Melvin
New York, Oct. 16 - Aberdeen Asset Management plc priced £90 million of five-year convertible bonds at par on Friday to yield 3.5% with an initial conversion premium of 30% over the volume weighted average price of its ordinary shares between launch and pricing, according to a news release.
There is a greenshoe of an additional £2.5 million.
The senior unsecured bonds priced at the cheap end of talk, which was for a coupon of 3% to 3.5% and an initial conversion premium of 30% to 35%.
J.P. Morgan Cazenove Ltd. was the bookrunner of the offering.
The bond will be convertible into about 5% of the company's current issued share capital.
Proceeds will be used to repay a portion of amounts drawn under the company's bank revolving credit facilities and will extend the company's average debt profile into the medium term at a fixed rate.
Closing on the bonds was seen by Dec. 17; and application is being made to list the bonds on the Official List of the U.K. Listing Authority for trading on the Professional Securities Market of the London Stock Exchange plc.
Aberdeen Asset Management is an Aberdeen, Scotland-based investment company.
| Issuer: | Aberdeen Asset Management plc
|
| Issue: | Convertible senior unsecured bonds
|
| Amount: | £90 million
|
| Greenshoe: | £2.5 million
|
| Maturity: | 2014
|
| Bookrunner: | J.P. Morgan Cazenove Ltd.
|
| Coupon: | 3.5%
|
| Price: | Par
|
| Yield: | 3.5%
|
| Conversion premium: | 30%
|
| Conversion price: | 185p
|
| Price talk: | 3%-3.5%, up 30%-35%
|
| Pricing date: | Oct. 16
|
| Settlement date: | Dec. 17
|
| Distribution: | Regulation S
|
| Stock symbol: | London: ADN
|
| Bond listing: | London Stock Exchange plc
|
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