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Forester starts exchange for Man Group's 3.75% bonds due 2009
By Jennifer Chiou
New York, July 13 - Forester Ltd. announced the start of an exchange offer for Man Group plc's £400 million of 3.75% exchangeable bonds due 2009.
The offer ends at 11 a.m. ET on July 20.
For each £1,000 of bonds, the company said it will pay a fixed sum of £41.20, which is made up of the current premium to parity of 2.4%, accrued interest of 0.72% and an offer spread of 1%.
The offer is being made to accelerate the exchange of the bonds for shares as part of Man Group's capital restructuring.
The company said that the bonds are deeply in the money due to Man Group's share price being significantly above the exchange price of 1,282 pence.
If all bonds are exchanged, the company would issue 31,200,468 shares, accounting for a 10.19% increase in Man Group shares.
Deutsche Bank AG (44 20 7547 5393) and Merrill Lynch International (44 20 7996 2064) are the managers.
HSBC Bank plc is the principal paying and exchange agent.
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