Launch of USG People €100 million convertible bond issue seen by Thursday

By Rebecca Melvin

Princeton, N.J., Sept. 27 - The Netherland's USG People NV plans to launch a €100 million convertible bond issue later this week and mostly likely by Thursday, according to a syndicate source.

There is a 15% over-allotment option.

ING Wholesale Banking and Rabo Securities, both of the Netherlands, are joint bookrunners of the bond issue, which was unveiled Tuesday when the staffing-services company placed €230 million of new shares at an issue price of €26.70 per share.

"The specific terms and conditions of the bond offering are not known yet," said an ING Wholesale Banking transaction manager, adding that the information should be available by Thursday.

Almere-based USG People is a provider of staffing services in 11 European countries.

Its shares are listed on Eurolist by Euronext Amsterdam NV and are included in the smallcap index AScX.

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