By Rebecca Melvin
New York, Sept. 6 – Redefine International plc priced €150 million of five-year secured bonds exchangeable into Redefine shares at par to yield 1.5% with in initial exchange premium of 26.25% over the reference share price, according to a news release.
The reference share price will be the euro equivalent of the volume weighted average price of shares listed on the London Stock Exchange plc for five days starting on Monday.
The reference price is subject to a floor of €0.45673 and a cap of €0.51902.
The bonds are non-callable, and holders have the option to put the bonds on the third anniversary of the issue date. The bonds will be net share settled.
J.P. Morgan Securities plc was the bookrunner.
Proceeds will be used to partially refinance debt raised by Redefine on its acquisition of its shareholding in Echo Polska Properties NV.
Redefine is an Isle of Man-based property company.
| Issuer: | Redefine International plc
|
| Issue: | Senior secured convertible bonds
|
| Amount: | €150 million
|
| Maturity: | Sept. 16, 2021
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Yield: | 1.5%
|
| Conversion premium: | 26.25%
|
| Call: | Non-callable
|
| Put: | Yes, on Sept. 16, 2019
|
| Net share settlement: | Yes
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 9
|
| Distribution: | Regulation S
|
| Share reference price: | Floor of €0.45673 and a cap of €0.51902
|
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