3rd Oct 2013 13:32
LONDON (Alliance News) - The UNITE Group PLC Thursday launched a GBP90 million convertible bond offering to finance its latest student accommodation development programme, diversify sources of funding and extend its debt maturity profile.
The bonds, which will be issued by Unite Jersey Issuer Ltd, will have a coupon of 2.5% a year payable semi-annually in arrears and will, subject to certain conditions, be convertible into fully paid ordinary shares of the firm.
The student accommodation company said the initial conversion price has been set at 509.73 pence per share, representing a premium of 35% above the volume weighted average price of the company's shares from launch to pricing and a premium of 41% above the group's last reported Net asset Value per share.
UNITE shares were trading at 381.10 pence Thursday, down 7.10 pence or 1.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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