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Glanbia PLC - Kilkenny, Ireland-based nutrition company - Glanbia Co-operative Society Ltd confirms it completed the sale of a 2% stake in Glanbia PLC that it had announced late Wednesday. The share placement to institutional investors was via an accelerated bookbuild run by BNP Paribas, HSBC, Rabobank and Goodbody. The shares were placed at EUR12.25 each, raising EUR70 million. At the same time, Glanbia Co-op priced EUR250 million in senior secured bonds due January 2027. The bonds were sold at face value with a 1.875% coupon. They are exchangeable for shares of Glanbia PLC at a 35% premium to the placement price, which would suggest a price of EUR16.54 per share. Glanbia Co-op will use the money to buy Glanbia PLC's 40% stake in their shared joint venture Glanbia Ireland DAC. The acquisition for EUR307 million was announced back in November.
Current stock price: EUR12.26, up 1.9% on Thursday
12-month change: up 19%
By Tom Waite; thomaslwaite@alliancenews.com
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