By Evan Weinberger
New York, Dec. 4 - Accident Exchange Group plc priced £50 million in 5.5% convertible notes due January 2013 with a 9.75% yield and a 20% initial conversion premium after the London market close Monday.
Morgan Stanley is the bookrunner of the Regulation S transaction.
The convertibles will be issued at par and have a 126.6% redemption price.
The settlement date is expected to be Jan. 4.
The conversion price was set at £1.0773.
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.
Issuer: Accident Exchange Group plc
Issue: Convertible bonds
Amount: £50 million
| Maturity: | January 2013
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 9.75%
|
| Conversion premium: | 20%
|
| Conversion price: | £1.0773
|
| Bookrunner: | Morgan Stanley
|
| Distribution: | Regulation S
|
| Pricing date: | Dec. 3
|
| Settlement date: | Jan. 4
|
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