By Susanna Moon
Chicago, July 25 – F&C Global Smaller Cos. plc said it issued £40 million principal amount of 3.5% five-year convertible unsecured loan stock in an oversubscribed placement with a conversion premium of 15%.
The notes were issued at 100p per £1 nominal unit, according to a company press release and prospectus.
The company may call the notes at par if, at any time after July 31, 2017, the middle market price of the shares is 20% or more above the conversion price for at least 20 out of 30 consecutive dealing days.
The company said that the issue was approved at the meeting held Thursday.
The company has applied to list the convertibles on the London Stock Exchange for trading on July 30.
The investment company is based in London.
| Issuer: | F&C Global Smaller Cos. plc
|
| Issue: | Convertible unsecured loan stock
|
| Amount: | £40 million
|
| Maturity: | July 31, 2019
|
| Coupon: | 3.5%
|
| Conversion premium: | 15%
|
| Call: | At par if, at any time after July 31, 2017, the middle market price of the shares is 20% or more above the conversion price for at least 20 out of 30 consecutive dealing days
|
| Announcement date: | July 25
|
| Stock ticker: | London: FCS
|
| Stock price: | 852p at close on July 24
|
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