By Abigail W. Adams
Portland, Me., Oct. 21 – Flight Centre Travel Group Ltd. priced A$400 million seven-year convertible notes on Thursday at par with a coupon of 1.625% and an initial conversion premium of 30%, according to a company news release.
Pricing came at the rich end of talk for a coupon of 0.625% to 1.625% and in line with talk for an initial conversion premium of 30%.
UBG AG, Australia Branch and Merrill Lynch Equities (Australia) were 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 in 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.
| Issuer: | Flight Centre Travel Group Ltd.
|
| Securities: | Convertible notes
|
| Amount: | A$400 million
|
| Maturity: | Nov. 1, 2028
|
| Bookrunners: | UBG AG, Australia Branch and Merrill Lynch Equities (Australia)
|
| Coupon: | 1.625%
|
| Price: | Par
|
| Yield: | 1.625%
|
| Conversion premium: | 30%
|
| Conversion price: | A$27.30
|
| Call options: | None
|
| Put options: | Putable on May 1, 2026
|
| Pricing date: | Oct. 21
|
| Settlement date: | Nov. 1
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 0.625% to 1.625% and initial conversion premium of 30%
|
| Stock symbol: | ASX: FLT
|
| Stock reference price: | A$21.00
|
| Market capitalization: | A$4.07 billion
|
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