By Rebecca Melvin
New York, Nov. 30 - Electra Private Equity plc priced £100 million seven-year convertible bonds at par of £1,000 on Tuesday to yield 5% with an initial conversion premium of 27.5%, according to a news release.
The bonds will be issued on Dec. 29, pending shareholder approval and the results of an open offer, which may result in a potential clawback.
The initial conversion price will be 2,050p. J.P. Morgan Cazenove is the global coordinator and bookrunner.
The offering is subject to clawback under an open offer, under which qualifying shareholders will be able to subscribe for bonds pro rata to their current holdings of ordinary shares at the issue price.
The open offer will remain open until Dec. 21.
Net proceeds are earmarked to expand the capital base of the company and will be managed in accordance with the company's investment policy for further investments and general corporate purposes.
The bonds are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.
London-based Electra is a close-ended equity investment fund.
| Issuer: | Electra Private Equity plc
|
| Issue: | Convertible bonds
|
| Amount: | £100 million
|
| Maturity: | Dec. 29, 2017
|
| Bookrunner: | J.P. Morgan Cazenove
|
| Coupon: | 5%
|
| Price: | Par, £1,000
|
| Yield: | 5%
|
| Conversion premium: | 27.5%
|
| Conversion price: | 2,050p
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 29
|
| Distribution: | Regulation S
|
| Stock symbol: | London: ELTA
|
| Stock reference price: | 1,605p on Nov. 29
|
| Market capitalization: | £571.31 million
|
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