New York, Sept. 29 - Scottish and Southern Energy plc priced £275 million of senior unsecured five-year convertible bonds to yield 3.75% with an 18.66% initial conversion premium.
The issue priced at the cheap end of talk which had put the yield at 3.25% to 3.75% and the conversion price at 900p to 935p, equivalent to 18.4% to 23%.
Merrill Lynch International was bookrunner for the Regulation S deal, and Credit Suisse First Boston was joint lead manager.
The deal has a £25 million greenshoe.
Scottish and Southern, a Perth, Scotland, natural gas and electricity utility, will use proceeds for general corporate purposes.
| Issuer: | Scottish and Southern Energy plc
|
| Issue: | Senior unsecured convertible bonds
|
| Amount: | £275 million
|
| Greenshoe: | £25 million
|
| Maturity: | 2009
|
| Coupon: | 3.75%
|
| Price: | Par
|
| Yield: | 3.75%
|
| Initial conversion premium: | 18.66%
|
| Conversion price: | 900p
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 29
|
| Bookrunner: | Merrill Lynch International
|
| Talk: | Yield: 3.25% to 3.75%
|
| Conversion price: 900p to 935p, 18.4% to 23%
|
| Distribution: | Regulation S
|
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