ASOS talks £500 million five-year convertible bonds to yield 0.5% to 1%, up 45% to 50%

By Abigail W. Adams

Portland, Me., April 8 – ASOS plc subsidiary Cornwall (Jersey) Ltd. plans to price £500 million five-year convertible bonds with price talk for a coupon of 0.5% to 1% and an initial conversion premium of 45% to 50%, according to a company news release.

HSBC and J.P. Morgan Cazenove are joint global coordinators and bookrunners for the Regulation S offering.

Barclays and Citigroup Global Markets Ltd. are also joint bookrunners.

The notes are non-callable until May 7, 2024 and then subject to a 130% hurdle.

The notes are also subject to a clean-up call.

Concurrently, the joint global coordinators will facilitate the placement of shares for hedging activity.

Proceeds will be used to support the company’s global growth strategy and refinance the acquisition of Topshop brands completed in February 2021.

ASOS is a London-based online fashion retailer for young adults.

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