7th Jan 2021 14:35
(Alliance News) - Trainline PLC on Thursday announced the pricing for its offering of GBP150 million of senior unsecured convertible bonds due 2026 that was launched earlier in the day.
Shares in Trainline were down 7.3% at 442.60 pence in London in afternoon trading.
The train booking platform operator in UK said the bonds will carry a coupon of 1.0% per annum, payable semi-annually in arrears in equal instalments on January 14 and July 14 each year, with the first interest payment date being July 14.
The initial bond conversion price will be set at a premium of 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.
Trainline 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."
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.
By Zoe Wickens; [email protected]
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