By Abigail W. Adams
Portland, Me., April 29 – WH Smith plc priced £327 million of five-year convertible bonds at par with a coupon of 1.625% and an initial conversion premium of 40%, according to a company news release.
Barclays, J.P. Morgan Cazenove, BNP Paribas and HSBC were joint global coordinators and bookrunners for the offering, which was marketed to qualified institutional buyers in the European Economic Area and United Kingdom.
Santander also acted as a joint bookrunner.
The convertible bonds are non-callable for three years and then subject to a 130% hurdle. They are also subject to a clean-up call.
Concurrently, the joint global coordinators organized the placement of shares at a placement price of £17.85.
The bonds will be traded on the open market of the Frankfurt exchange.
WH Smith is a London-based stationary, books, toys and game retailer.
| Issuer: | WH Smith plc
|
| Securities: | Guaranteed senior unsecured convertible bond
|
| Amount: | £327 million
|
| Maturity: | May 7, 2026
|
| Bookrunners: | Barclays, J.P. Morgan Cazenove, BNP Paribas and HSBC
|
| Coupon: | 1.625%
|
| Price: | Par
|
| Yield: | 1.625%
|
| Conversion premium: | 40%
|
| Conversion price: | £24.99
|
| Call options: | Non-callable for three years and then subject to a 130% hurdle
|
| Pricing date: | April 29
|
| Settlement date: | May 7
|
| Distribution: | Qualified institutional buyers in the European Economic Area and United Kingdom
|
| Stock symbol: | London: SMWH
|
| Stock reference price: | £17.85
|
| Market capitalization: | £2.375 billion
|
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