International Workplace Group Regulatory News (IWG)

11 September 2024

FINANCING UPDATE

International Workplace Group plc ("IWG" or the "Company") is pleased to announce an update to its financing and capital structure.

IWG has successfully priced a series of debt transactions ("Transactions") that:

· Increases the size of the €575m 6.50% 2030 Investment Grade Bond (the "Bond") by €50m to €625m in aggregate via a bond tap on the same terms as the existing bond, but priced at 102.846, implying a yield to maturity of 5.88%. The tap issue will be fully hedged into USD. Settlement of the Bond is expected to take place on Thursday 19 September 2024.

· Repurchases £25.5m in aggregate principal of IWG International Holdings S.A.R.L.'s £350m 0.50% convertible bond due 2027 (the "Convertible Bond") at a weighted average price of 93.6% representing a total consideration of £23.9m. Following this purchase, £169m (swapped to $215m) in aggregate principal amount of the Convertible Bonds remains outstanding. IWG may look to make further repurchases from time to time, subject to market conditions.

· The Convertible Bonds which have been repurchased will be surrendered by the Company for cancellation. The associated portion of the US dollar currency derivative on the notional amount of the Convertible Bond repurchased has been unwound simultaneously.

On completion of the Transactions, net debt will be reduced by approximately $1m. The Company envisages no change to the rating assigned by Fitch of BBB (Stable) for either the Group or the Bond.

This notification complies with LR 9.7.2 in relation to the aggregate repurchase of 51.7% of the principal amount of the Convertible Bonds initially issued. Further announcements will be made in accordance with the Listing Rules in the event that more Convertible Bonds are repurchased.

Further information