By Rebecca Melvin
New York, June 10 – Helical Bar (Jersey) Ltd., a wholly owned subsidiary of Helical Bar plc, priced £100 million of five-year convertible bonds at par on Tuesday to yield 4% with an initial conversion premium of 35%, according to a news release.
Initially, the offering was talked as an £85 million base deal with an option to increase by up to £15 million.
Pricing of the Regulation S deal came at the rich end of talk, which was for a 4% to 4.5% coupon and 30% and 35% premium.
The stock reference price was based on the volume weighted average price of shares on the London Stock Exchange on Tuesday.
The bonds are non-callable until July 8, 2017 and then are provisionally callable if shares exceed 130% of the conversion price for a specified period of time.
Joint bookrunners were J.P. Morgan Securities plc and the Royal Bank of Scotland plc.
Proceeds will be used to repay the group’s existing revolving credit facilities.
London-based Helical Bar is a property development and investment company.
| Issuer: | Helical Bar (Jersey) Ltd.
|
| Guarantor: | Helical Bar plc
|
| Issue: | Convertible bonds
|
| Amount: | €100 million
|
| Maturity: | June 2019
|
| Joint bookrunners: | J.P. Morgan Securities plc and the Royal Bank of Scotland plc
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Initial conversion premium: | 35%
|
| Initial conversion price: | £4.9694
|
| Price talk: | 4%-4.5%, up 30%-35%
|
| Pricing date: | June 10
|
| Settlement date: | June 17
|
| Stock symbol: | London: HLCL
|
| Stock price: | £3.6825 as of close June 10
|
| Distribution: | Regulation S
|
| Market capitalization: | £435.04 million
|
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