By Ronda Fears
Nashville, Sept. 4 - LogicaCMG (Jersey) Ltd. sold €263.8 million of five-year convertible bonds at par to yield 2.875% with a 50% initial conversion premium via joint lead managers ABN AMRO Rothschild and Merrill Lynch.
The Regulation S deal sold at the aggressive end of premium guidance of 45% to 50% and aggressively outside yield talk of 3.0% to 3.5%.
The issue is guaranteed by parent LogicaCMG plc, an IT consulting firm.
The company said proceeds would be used to refinance part of its current credit facilities and to provide enhanced financial flexibility.
Terms of the deal are:
Issuer: LogicaCMG (Jersey) Ltd.
| Issue: | Convertible senior unsecured bonds
|
| Joint lead managers: | ABN AMRO Rothschild and Merrill Lynch
|
| Amount | €263.8 million
|
| Greenshoe: | €39.6 million
|
| Maturity: | 2008
|
| Coupon: | 2.875%
|
| Price: | Par
|
| Redemption price: | Par
|
| Yield: | 2.875%
|
| Conversion premium: | 50%
|
| Conversion price: | 372.53p
|
| Conversion ratio: | 2.6843
|
| Fixed FX rate: | €1.44862 equals £1.00
|
| Price talk: | 3.0-3.5%, up 45-50%
|
| Pricing date: | Sept. 4
|
| Settlement: | Sept. 19
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
