By Abigail W. Adams
Portland, Me., April 9 – ASOS plc subsidiary Cornwall (Jersey) Ltd. priced £500 million of five-year convertible bonds on Friday at par with a coupon of 0.75% and an initial conversion premium of 47.5%, according to a company news release.
Pricing came at the midpoint of talk for a coupon of 0.5% to 1% and an initial conversion premium of 45% to 50%.
HSBC and J.P. Morgan Cazenove were joint global coordinators and bookrunners for the Regulation S offering.
Barclays and Citigroup Global Markets Ltd. were also joint bookrunners.
The notes are non-callable until May 7, 2024 and then subject to a 130% hurdle.
The notes are also subject to a clean-up call.
Concurrently, the joint global coordinators facilitated the placement of shares for hedging activity.
Proceeds will be used to support the company’s global growth strategy and refinance the acquisition of Topshop brands completed in February.
ASOS is a London-based online fashion retailer for young adults.
| Issuer: | Cornwall (Jersey) Ltd.
|
| Securities: | Senior unsecured guaranteed convertible bonds
|
| Amount: | £500 million
|
| Maturity: | April 16, 2026
|
| Bookrunners: | HSBC, J.P. Morgan Cazenove, Barclays and Citigroup Global Markets Ltd.
|
| Coupon: | 0.75%
|
| Price: | Par
|
| Yield: | 0.75%
|
| Conversion premium: | 47.5%
|
| Call options: | Non-callable until May 7, 2024 and then subject to a 130% hurdle
|
| Pricing date: | April 9
|
| Settlement date: | April 16
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 0.5% to 1% and an initial conversion premium of 45% to 50%
|
| Stock symbol: | LON: ASC
|
| Stock reference price: | £54.00
|
| Market capitalization: | £5.35 billion
|
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