U.K.'s Vector talks £442.3 million-£515.1 million five-year convertibles at 2.75%-3.25%, up 27%-32%

By Kenneth Lim

Boston, May 31 - The United Kingdom's Vector Hospitality plc plans to price between £442.3 million and £515.1 million of five-year unsubordinated unsecured convertible bonds on Thursday, talked at a coupon of 2.75% to 3.25% and an initial conversion premium of 27% to 32%.

The convertibles will be offered at par.

There is an over-allotment option for a further £63.2 million to £73.6 million.

Deutsche Bank, Goldman Sachs, Royal Bank of Scotland and UBS Investment Bank are the bookrunners of the Regulation S offering.

The deal is concurrently offered with Vector's initial public offering. The convertible deal will initially be convertible into 35 million shares of Vector common stock with a further 5 million shares if the greenshoe is exercised.

The convertibles may be put in the third year.

Vector, a London-based specialist hospitality real estate investment trust, said the proceeds of the convertible deal and its IPO will be used to fund the acquisition of its initial portfolio.

© 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.