Flight Centre talks A$400 million convertible notes due 2028 to yield 0.625%-1.625%, up 30%

By Abigail W. Adams

Portland, Me., Oct. 20 – Flight Centre Travel Group Ltd. plans to price A$400 million seven-year convertible notes on Thursday with price talk for a coupon of 0.625% to 1.625% and an initial conversion premium of 30%, according to a company news release.

UBG AG, Australia Branch and Merrill Lynch Equities (Australia) are bookrunners for the Regulation S offering.

The notes are putable on May 1, 2026.

To facilitate hedging activities, stock lending arrangements for 15 million shares initially entered into November 2020 were extending and additional stock lending arrangements were made for 5 million shares.

Proceeds will be used to retire debt and for general corporate purposes.

Flight Centre is a Brisbane, Australia-based travel agency.

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