Nashville, Sept. 17 - Liberty International plc sold £240 million of seven-year convertible bonds at par to yield 3.95% with a 22.8% initial conversion premium, via joint lead managers UBS Investment Bank and Morgan Stanley.
The issue sold at the cheap end of yield talk that put the yield between 3.65% and 3.95% and at the more aggressive end of premium guidance for 19.7% to 23.4%, after being launched early Wednesday.
However, the issue was reoffered by the underwriters at 98.75.
Terms of the deal are:
Issuer: Liberty International plc
| Issue: | Convertible unsubordinated unsecured bonds
|
| Joint bookrunners: | UBS Investment Bank and Morgan Stanley
|
| Amount | £240 million
|
| Maturity: | Sept. 30, 2010
|
| Coupon: | 3.95%
|
| Price: | Par
|
| Redemption price: | Par
|
| Yield: | 3.95%
|
| Conversion premium: | 22.8%
|
| Conversion price: | 800p
|
| Conversion ratio: | 125
|
| Call: | Non-callable for 5 years, then with 120% hurdle
|
| Put: | In year 4
|
| Price talk: | 3.65-3.95%, up 19.7-23.4%
|
| Settlement: | Oct. 16
|
| Distribution: | Regulation S
|
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