LONDON (Alliance News) - Stobart Group Ltd on Thursday launched an offering for up to GBP57.3 million of secured guaranteed exchangeable bonds.
The bonds, offered through wholly-owned subsidiary Stobart Finance PLC, will have a maturity of five years and will be exchangeable into Eddie Stobart Logistics PLC shares.
The proceeds are intended to be put towards Stobart Group's aviation and energy growth plans.
The bonds will be issued in principal amounts of GBP100,000 and integral multiples of GBP1,000 in excess of this, and will bear interest in a range of 2.25% to 2.75% per annum, payable semi-annually.
The bonds will be offered via an accelerated book build through a private placement. The bookbuild is expected to close no later than 0800 BST on Friday.
Stifel Nicolaus Europe Ltd is acting as sole bookrunner, and Orbit Investment Securities Services PLC is acting as selling agent.
Shares in Stobart Group closed down 0.3% at 149.01 pence on Thursday. Eddie Stobart shares closed up 0.5% at 98.95p.