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Published on 12/3/2007 in the Prospect News Convertibles Daily.

Accident Exchange launches £50 million 5.5% convertible notes due 2013 to yield 9.75%, up 20%

By Evan Weinberger

New York, Dec. 3 - Accident Exchange Group plc launched £50 million in 5.5% convertible notes due 2013 with a 9.75% yield and a 20% initial conversion premium Monday before market open in London.

Morgan Stanley is the bookrunner of the Regulation S transaction.

The deal was expected to price Monday evening.

The convertibles will be issued at par and have a 126.6% redemption price.

The settlement date is expected to be Jan. 4.

Accident Exchange is a Coleshill, England-based company that provides support to the British automotive and insurance sectors. The proceeds will go toward repaying an existing £5 million credit facility and for additional working capital.


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