New York, Dec. 5 - Friends Provident plc priced £245 million of five-year convertible bonds to yield 5.25% with a 30% initial conversion premium.
The offering was increased from an announced size of £180 million and priced with a yield at the low end of talk of 5.25% to 5.75% and a conversion premium in the middle of talk of 25% to 34%.
Merrill Lynch International was bookrunner and lead manager. Cazenove was joint lead manager and Barclays Capital and HSBC were co-lead managers.
Proceeds will be used to refinance recent acquisitions and strategic investments.
The securities were not offered in the U.S., Canada, Japan or Australia.
| Issuer: | Friends Provident plc
|
| Issue: | Convertible bonds
|
| Amount: | £245 million (upsized from £180 million)
|
| Greenshoe: | £45 million
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| Maturity: | 2007
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Conversion premium: | 30% over reference price of 131.18 pence
|
| Conversion price: | 171 pence
|
| Ratings: | S&P: A-
|
| Moody's: Baa2 (expected)
|
| Bookrunner: | Merrill Lynch International
|
| Pricing date: | Dec. 5
|
| Settlement: | Dec. 11
|
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