By Rebecca Melvin
New York, Sept. 3 - Great Portland Estates Capital (Jersey) Ltd., a subsidiary of Great Portland Estates plc, launched and priced an offering of £150 million of five-year senior, unsecured convertible bonds at par to yield 1% with a 35% initial conversion premium, according to a release.
Pricing of the Regulation S deal came at the rich end of talk for a 1% and 1.5% coupon and 30% to 35% premium.
Joint bookrunners were J.P. Morgan Securities plc, the Royal Bank of Scotland plc, Credit Suisse Securities (Europe) Ltd. and HSBC Bank plc.
The bonds are non-callable for three years until Sept. 10, 2016, and then provisionally callable if the underlying shares reach 130% of the conversion price.
The company will settle conversion in shares, cash or a combination of shares and cash. The bonds are expected to be listed on a recognized stock exchange.
Proceeds will be used to refinance the company's recently announced acquisition of Oxford House, W1 and help fund its development program.
Great Portland is a property investment and development company based in London.
| Issuer: | Great Portland Estates Capital (Jersey) Ltd.
|
| Guarantor: | Great Portland Estates plc
|
| Issue: | Convertible senior bonds
|
| Amount: | £150 million
|
| Maturity: | Sept. 10, 2018
|
| Bookrunners: | J.P. Morgan Securities plc, the Royal Bank of Scotland plc, Credit Suisse Securities (Europe) Ltd. and HSBC Bank plc
|
| Co-managers: | Banco Santander SA and Credit Agricole Corporate and Investment Bank
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion premium: | 35%
|
| Conversion price: | £7.145 per share
|
| Price talk: | 1%-1.5%, up 30%-35%
|
| Call: | Non-callable for three years, until Sept. 10, 2016, then provisionally callable at 130%
|
| Put: | No puts
|
| Pricing date: | Sept. 3
|
| Settlement: | Sept. 10
|
| Distribution: | Regulation S
|
| Stock symbol: | London: GPOR
|
| Market cap: | £ 1.87 billion
|
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