(Alliance News) - Helios Towers PLC on Thursday priced its senior guaranteed unsecured convertible bond offering of approximately USD250 million due in 2027.
The convertible bonds will be issued at 100% of their principal amount of USD200,000 per bond and - unless previously converted, repurchased or redeemed - will be redeemed at par at maturity. The convertible bonds carry a coupon of 2.875% per annum.
The initial conversion price has been set at USD2.9312, representing a premium of 38% above the placement price of the shares. Shares in Helios were 8.0% lower in London on Thursday at 154.60 pence each.
"The issuance of the convertible bonds takes advantage of the current financing environment and complements Helios Towers' existing capital structure," the company explained.
It added: "The proceeds of the issuance of the convertible bonds will be used principally to fund the inorganic element of the group's growth strategy, targeting tower assets in new and existing markets. This includes the acquisition of the passive infrastructure assets of Free Senegal announced in August 2020 and currently expected to complete in the first half of 2021," Helios said.
By Paul McGowan; paulmcgowan@alliancenews.com
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Helios Towers (HTWS)