By Rebecca Melvin
New York, Feb. 26 - St. Modwen Properties Securities (Jersey) Ltd., a subsidiary of St. Modwen Properties plc, priced £100 million of five-year convertible bonds at par to yield 2.875% with an initial conversion premium of 35% on Wednesday, according to a news release.
Pricing of the Regulation S deal came toward the rich end of 2.625% to 3.125% coupon talk and at the rich end of 27.5% to 35% premium talk. The premium was based on the volume weighted average price of shares on Wednesday between launch and market close.
J.P. Morgan Securities plc and the Royal Bank of Scotland plc were joint bookrunners of the deal.
The bonds are non-callable until March 27, 2017 and then are provisionally callable if shares exceed the conversion price by 130%.
Proceeds will be used to refinance existing bank debt.
Settlement is expected to take place March 6.
Application is being made to list the bonds on a recognized stock exchange.
Birmingham, England-based St. Modwen is a property redeveloper of primarily brownfield and urban environments.
| Issuer: | St. Modwen Properties Securities (Jersey) Ltd.
|
| Guarantor: | St. Modwen Properties plc
|
| Securities: | Senior unsecured convertible bonds
|
| Amount: | £100 million
|
| Maturity: | 2019
|
| Bookrunners: | J.P. Morgan Securities plc, Royal Bank of Scotland plc
|
| Coupon: | 2.875%
|
| Price: | Par
|
| Yield: | 2.875%
|
| Talk: | 2.625%-3.125%, up 27.5%-35%
|
| Conversion premium: | 35%
|
| Conversion price: | £5.2942 per share
|
| Calls: | Non-callable until March 27, 2017, then provisionally callable at 130% price hurdle
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 6
|
| Distribution: | Regulation S
|
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