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Rank greenshoe exercised, raising convertibles to £167.7 million
New York, Jan. 9 - Rank Group plc said the underwriters of its recent offering of convertible bonds due 2009 exercised £17.7 million of the £20 million greenshoe to raise the size of the deal to £167.7 million.
London-based Rank Group, which owns the Hard Rock Café chain and casinos, originally priced £150 million of the securities on Dec. 3 to yield 3.875% with a 31% initial conversion premium.
Deutsche Bank Securities and JPMorgan Securities were joint lead managers.
The convertibles were sold under Regulation S and not offered in the United States.
Rank said proceeds would mostly be used to refinance its £125 million of 7.25% guaranteed bonds due 2008, redeemed on Dec. 8.
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