By Rebecca Melvin
New York, Nov. 12 - Misys plc priced £100 million of five-year convertible bonds at par to yield 2.5% with an initial conversion premium of 27%, according to a news release.
The Regulation S deal came at the cheap end of talk, which was 2% to 2.5% for the coupon and 25% to 35% for the premium.
The initial conversion price has been set at £3.6883.
Proceeds will be used to finance in part the acquisition of Sophis, a provider of trading, portfolio and risk management solutions for the financial industry based in Ireland and France.
J.P. Morgan Cazenove, Barclays Capital, HSBC and RBS Hoare Govett were joint bookrunners for the offering.
The bonds will be non-callable for three years and then will be provisionally callable subject to a 130% price hurdle over the price of underlying shares. Settlement is expected by Nov. 22.
Misys is a London-based provider of services to the financial services and health care industries.
| Issuer: | Misys plc
|
| Issue: | Convertible senior bonds
|
| Amount: | £100 million
|
| Maturity: | 2015
|
| Bookrunners: | J.P. Morgan Cazenove, Barclays Capital, HSBC, RBS Hoare Govett
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 27%
|
| Conversion price: | £3.6883
|
| Call: | Non-callable for three years, then provisionally callable subject to 130% price hurdle
|
| Price talk: | 2%-2.5%, up 25%-35%
|
| Pricing date: | Nov. 12
|
| Settlement date: | Nov. 22
|
| Distribution: | Regulation S
|
| Stock symbol: | London: MSY
|
| Stock price: | £2.90 closing price Nov. 12
|
| Market capitalization: | £1.62 billion
|
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