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WH Smith prices GBP327 million senior unsecured convertible bonds

Thu, 29th Apr 2021 10:25

(Alliance News) - WH Smith PLC on Thursday announced the pricing and final terms of its offering of GBP327 million of guaranteed senior unsecured convertible bonds due 2026.

The Swindon, England-based retailer said the convertible bonds will be issued in principal amounts of GBP100,00 each, with a 1.625% per annum coupon payable semi-annually.

WH Smith said the bonds will be initially guaranteed by WH Smith Retail Holdings Ltd, WH Smith Travel Ltd, WH Smith High Street Ltd, WH Smith Hospitals Ltd, InMotion Entertainment Group LLC, The Marshall Retail Group LLC and funkypigeon.com Ltd.

"The terms and conditions of the bonds will provide for the addition of further guarantors and the release of guarantors, including the initial guarantors, in certain circumstances," WH Smith said.

The initial conversion price for convertible bonds to convert is set at GBP24.99, which represents a 40% premium above the reference share price of GBP17.85. A simultaneous accelerated bookbuild has also been organised, with the same share price.

Barclays PLC, JP Morgan Cazenove, BNP Paribas SA and HSBC Holdings PLC are acting as joint global coordinators and joint bookrunners for the offering, while Santander is acting as joint bookrunner.

Shares in WH Smith were down 3.1% at 1,825.50 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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