By Rebecca Melvin
New York, June 2 – Glanbia Co-operative Society Ltd., the largest shareholder of Glanbia plc, said that it priced on Thursday a €100 million five-year bond exchangeable into Glanbia shares that it owns, or 4.3 million shares, with an initial conversion premium of 40% to the volume weighted average price of Glanbia shares on the Irish Stock Exchange between launch and pricing, according to a company news release.
In total, the Society and its subsidiaries hold 108,014,900 ordinary shares in Glanbia.
The initial exchange price of the bond was set at €23.26.
Proceeds will be used to create a market volatility fund for its milk and grain supplying members. The fund will allow members to draw down funds on an interest free basis when the market price for milk and grain falls below certain levels.
Remaining proceeds are earmarked for general business purposes.
Glanbia is a nutritional products and cheese group based in Kilkenny, Ireland.
| Issuer: | Glanbia Co-operative Society Ltd.
|
| Exchange entity: | Glanbia plc
|
| Issue: | Exchangeable bond
|
| Amount: | €100 million
|
| Maturity: | 2019
|
| Exchange premium: | 40%
|
| Initial exchange price: | €23.26
|
| Pricing date: | June 2
|
| Settlement date: | June 9
|
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