By Rebecca Melvin
New York, Oct. 13 - ITV plc priced an upsized £135 million of seven-year convertible bonds at par to yield 4% with an initial conversion premium of 40% over the volume-weighted average price of ITV ordinary shares from Tuesday's launch to pricing, according to a news release.
The Regulation S offering of senior unsecured convertibles, which will be guaranteed by ITV subsidiary Carlton Communications Ltd., was originally going to be £120 million in size.
Final terms came at the rich end of talk for the coupon, which was 4% to 4.75%, and beyond the rich end of talk for the premium, which was 32% to 37%.
Joint bookrunners were Credit Suisse Securities (Europe) Ltd. and UBS Ltd.
Settlement was expected by Nov. 9.
Proceeds will be aimed at extending the company's average debt maturity, diversifying its funding sources and increasing the efficiency of its balance sheet. The company pointed out it has no current plans for a rights issue.
Applications will be made to list the bonds on the Official List of the UK Listing Authority for trading on the Professional Securities Market of the London Stock Exchange plc.
ITV is a London-based television broadcaster.
| Issuer: | ITV plc
|
| Guarantor: | Carlton Communications Ltd.
|
| Issue: | Convertible senior unsecured bonds
|
| Amount: | £135 million, upsized from £120 million
|
| Maturity: | 2016
|
| Bookrunners: | Credit Suisse Securities (Europe) Ltd., UBS Ltd.
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 40%
|
| Conversion price: | 70.44p
|
| Price talk: | 4%-4.75%, up 32%-37%
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 9
|
| Distribution: | Regulation S
|
| Stock symbol: | London: ITV
|
| Bond listing: | London Stock Exchange plc
|
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