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Liberty International prices Dutch auction offer to convert 3.95% bonds
New York, Dec. 15 - Liberty International plc set pricing in its modified Dutch auction tender offer to convert its £240 million of 3.95% convertible bonds due 2010.
The company will pay £60.00 per £1,000 principal amount of bonds converted.
In addition, Liberty International extended the deadline to 11 a.m. ET on Dec. 16 from 11 a.m. ET on Dec. 14.
All the £104.1 million of convertibles so far tendered at prices at or below the £60.00 clearing level set in the offer will be accepted for conversion.
Liberty International launched the tender on Dec. 8 and said it was asking holders to specify the cash payment they would accept to convert the securities into stock.
UBS Ltd. (44 20 7568 3426 or 44 20 7568 2308) and Morgan Stanley & Co. International Ltd. (44 20 7425 4303 or 44 20 7677 5076) are handling the auction.
Liberty International, a London real estate company, priced £240 million of the 3.95% convertibles in September 2003. They convert at a price of 800p. Its stock closed at 980.25p Wednesday.
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