By Rebecca Melvin
New York, Feb. 10 - Autonomy Corp. plc launched and priced £500 million of five-year senior unsecured convertible bonds on Wednesday at par to yield 3.25% with an initial conversion premium of 35%, according to a syndicate source.
The Regulation S deal priced at the midpoint of talk, which was 3% to 3.5% for the coupon and 30% to 40% for the initial conversion premium.
The initial conversion price is £20.6334.
Morgan Stanley & Co. International plc was the bookrunner for the offering, and UBS Ltd. acted as co-bookrunner, the European equivalent of joint lead manager.
The bonds will be non-callable for three years and then will be provisionally callable at a price hurdle of 130% of the conversion price.
Proceeds are earmarked for potential acquisitions, possible early repayment of outstanding bank debt related to its Interwoven acquisition and for general corporate purposes.
Settlement is set for March 4, and application is being made to the London Stock Exchange to list the bonds on the Official List of the U.K. Listing Authority and for trading on the Professional Securities Market of the London Stock Exchange.
Autonomy is a Cambridge, England-based infrastructure software company.
| Issuer: | Autonomy Corp. plc
|
| Issue: | Convertible senior bonds
|
| Amount: | £500 million
|
| Maturity: | March 4, 2015
|
| Bookrunner: | Morgan Stanley & Co. International plc
|
| Co-bookrunner: | UBS Ltd.
|
| Coupon: | 3.25%
|
| Price: | Par, £50,000
|
| Yield: | 3.25%
|
| Conversion premium: | 35%
|
| Conversion price: | £20.6334
|
| Price talk: | 3%-3.5%, up 30%-40%
|
| Call: | After three years subject to 130% hurdle
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 4
|
| Distribution: | Regulation S
|
| Stock symbol: | London: AU
|
| Stock reference price: | £15.284
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
