23rd Jul 2015 06:38
LONDON (Alliance News) - FTSE 100-listed supermarket J Sainsbury PLC on Thursday said it has launched a GBP250 million perpetual subordinated bond issue.
The proceeds from the issue will be used for general corporate purposes, Sainsbury's said, including lending to its subsidiaries and contributions to its pension funds.
The bonds will have no fixed redemption date and will be optionally convertible into fully paid new and/or existing ordinary shares of Sainsbury's. The initial conversion price is expected to be at a premium of 30.0% to 35.0% to the volume-weighted average price of Sainsbury's shares between launch and pricing, the company added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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