11th Sep 2024 09:43
(Alliance News) - International Workplace Group PLC on Wednesday said it has successfully priced a series of debt transactions which will reduce the company's net debt on completion.
The Zug, Switzerland-based provider of flexible workspace increased the size of its 6.5% 2030 investment grade bond to EUR625 million from EUR575 million through a bond tap on the same terms, but priced at EUR102.85, implying a yield to maturity of 5.9%.
Furthermore, IWG repurchased for cancellation GBP25.5 million worth of its 0.5% GBP350 million convertible bond due 2027, at a weighted average price of 94% representing a total consideration of GBP23.9 million.
Subsequently, GBP169 million remains outstanding and IWG said it may look to carry out further repurchases in the future.
On completion, the transactions will reduce the company's net debt by approximately USD1 million with no envisioned change to its BBB rating from Fitch.
IWG shares were up 0.1% at 175.00 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.