(Alliance News) - IWG PLC on Wednesday announced the final terms of an offering of GBP350 million of unsubordinated unsecured guaranteed convertible bonds due in 2027.
The office provider said the bonds will be issued at par and will carry a coupon of 0.5% per annum payable semi-annually in arrear in equal installments. The bonds will be issued by wholly-owned subsidiary IWG Group Holdings Sarl.
The initial conversion price is GBP4.58 representing a premium of 40% to the volume-weighted average price of an ordinary share on the London Stock Exchange between launch and pricing of the offering, being GBP3.27.
IWG said shareholder Toscafund Ltd will subscribe for GBP6.3 million in principal amount of the bond offering at the initial conversion price stated, representing an aggregate consideration of GBP6.3 million.
Earlier Wednesday, IWG said the proceeds will go towards a "number of attractive" merger & acquisition opportunities "to accelerate the development of the business through the addition of brands, centres, services and technologies".
The stock closed down 6.7% at 328.00p on Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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