Published on 12/3/2003 in the Prospect News Convertibles Daily.
New Issue: Rank Group £150 million convertible yields 3.875%, up 31%
Nashville, Dec. 3 - The Rank Group plc sold £150 million of six-year convertible bonds at par to yield 3.875% with a 31% initial conversion premium via joint lead managers Deutsche Bank Securities and JPMorgan Securities.
The Regulation S deal sold at the more aggressive side of price talk of 3.75% to 4.25%, up 28% to 33%.
London-based Rank Group, which owns the Hard Rock Café chain and casinos, said proceeds would be mostly used to refinance its £125 million of 7.25% guaranteed bonds due 2008, which are set to be redeemed Dec. 8.
Terms of the deal are:
| Issuer: | The Rank Group plc
|
| Issue: | Convertible bonds
|
| Lead managers: | Deutsche Bank Securities and JPMorgan Securities
|
| Amount: | £150 million
|
| Greenshoe: | £20 million
|
| Maturity: | Dec. 15, 2009
|
| Coupon: | 3.875%
|
| Price: | Par
|
| Redemption price: | Par
|
| Yield: | 3.875%
|
| Conversion premium: | 31%
|
| Conversion price: | 376.40p
|
| Conversion ratio: | 2.6567
|
| Call: | Non-callable for 3 years, subject to 130% hurdle
|
| Price talk: | 3.75% to 4.25%, up 28% to 33%
|
| Pricing date: | Dec. 3
|
| Settlement date: | Jan. 20
|
| Distribution: | Regulation S
|
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