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Friends Provident greenshoe exercised, raising convertibles to £290 million
New York, Dec. 6 - Friends Provident plc said underwriters of its recent offering of five-year convertible bonds exercised the £45 million over-allotment option in full, raising the size of the deal to £290 million.
Friends Provident originally sold £245 million of the convertibles after the close on Dec. 5 via bookrunner Merrill Lynch International.
The deal had already been increased from an announced size of £180 million. It priced to yield 5.25% with a 30% initial conversion premium.
Proceeds will be used to refinance recent acquisitions and strategic investments.
The securities were not offered in the U.S., Canada, Japan or Australia.
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