7th Jan 2021 08:56
(Alliance News) - Trainline PLC on Thursday announced it has launched an offering of GBP150 million of senior unsecured convertible bonds due 2026.
The train booking platform operator in UK said the net proceeds of the five-year bonds will "provide additional liquidity, protecting the business further in an extended Covid downturn scenario while giving greater flexibility to invest in possible future growth opportunities."
Trainline said the bonds are expected to carry a coupon of between 1.0% and 1.5% per annum, payable semi-annually in arrears in equal instalments on January 14 and July 14 each year, with the first interest payment date due on July 14.
The initial bond conversion price is expected to be set at a premium between 45% and 50% above the volume weighted average price of a share on the London Stock Exchange on Thursday this week, with settlement and delivery due to take place next Thursday, it added.
JP Morgan Cazenove Ltd and Morgan Stanley & Co International PLC are acting as joint global coordinators and, alongside HSBC Holdings PLC, joint bookrunners for the offering.
Trainline intends to apply for the bonds to be admitted to trading on the Freiverkehr, or open market segment, of the Frankfurt Stock Exchange after next Thursday's expected settlement date but before the first interest payment date.
Shares in Trainline were down 5.4% at 451.60 pence in London on Thursday.
By Zoe Wickens; [email protected]
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