New York, Dec. 14 - United Business Media plc Friday sold $400 million of five-year convertible bonds at a yield of 2.375% and an initial conversion premium of 27%.
The securities priced in the middle of talk which had put the yield at 2.00% to 2.75% and the initial conversion premium at 23% to 30%.
United Business Media, which sold the guaranteed convertible bonds through its United Business Media (Jersey) Ltd. unit, will used proceeds primarily to refinance its existing £180 million 6.125% subordinated convertible bonds due 2003 and for general corporate purposes, including the refinancing of previous acquisitions.
Merrill Lynch was the underwriter.
The bonds were not offered in the U.S.
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| Issuer: | United Business Media (Jersey) Ltd.
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| Amount: | $400 million
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| Coupon: | 2.375% (semi-annual)
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| Maturity: | 2006
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| Price: | 100
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| Yield: | 2.375%
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| Initial conversion premium: | 27% over 454 pence close
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| Conversion price: | 577p
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| Call: | 2004 onwards at 130%
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| Put: | Year 3 at par
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| Ratings: | Moody's: Baa2
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| S&P: BBB
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| Settlement: | Dec. 19
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