23rd Apr 2020 06:51
(Alliance News) - Jupiter Fund Management PLC on Wednesday priced a GBP50 million note issue, in support of its acquisition of Merian Global Investors.
FTSE 250-listed Jupiter said the fixed rate reset callable subordinated Tier 2 notes have an annual coupon of 8.875% and are due in 2030.
Back in February, Jupiter said it intended to undertake a debt issue, after announcing the all-share deal to acquire Merian.
Jupiter will be issuing Merian shareholders 95.4 million shares, giving them an approximate 17% stake in the combined company. There is an additional deferred payment of up to GBP20 million depending on performance targets being met, Jupiter said at the time.
Jupiter shares closed 3.6% higher at 205.00 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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