Derwent London PLC Final Terms of Convertible Bond Offering (5495J)
July 17 2013 - 9:29AM
UK Regulatory
TIDMDLN
RNS Number : 5495J
Derwent London PLC
17 July 2013
17 July 2013
NOT FOR DISTRIBUTION IN OR TO THE U.S., CANADA, AUSTRALIA, JAPAN
SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH
DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW
Derwent London plc Convertible Bond Offering
Derwent London plc (the "Group", the "Company" or "Derwent
London") announces the final terms of its offering of GBP150m of
Convertible Bonds due 2019 (the "Bonds"), announced earlier
today.
The Bonds will have a coupon of 1.125% per annum payable
semi-annually in arrear and will, subject to certain conditions, be
convertible into fully paid Ordinary Shares of the Company ("the
Shares"). The initial conversion price has been set at GBP33.35, a
premium of 35% above the volume weighted average price of the
Shares from launch to pricing on 17 July 2013.
Settlement is expected to take place on or about 24 July 2013
(the "Settlement Date").
John Burns, Chief Executive Officer of Derwent London said:
"We are very pleased with the result of this bond offer which
reflects the confidence that the market has in the Group's property
and financing strategy. The high level of demand has enabled us to
lower the coupon to 1.125% and to set the conversion premium at the
top end of the range."
Barclays Bank PLC and The Royal Bank of Scotland plc are acting
as Joint Global Coordinators and Joint Bookrunners and HSBC Bank
plc, J.P. Morgan Securities plc and UBS Limited are acting as Joint
Bookrunners for the offering. Rothschild is acting as financial
adviser to Derwent London for the offering.
For further information, please contact:
Derwent London John Burns, Chief Executive
Officer
Tel: +44 (0)20 7659 3000 Damian Wisniewski, Finance
Director
Brunswick Simon Sporborg
Tel: + 44 (0) 20 7404 5959 Elizabeth Adams
About Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP2.9bn as at 31
December 2012, making us the largest London-focused real estate
investment trust (REIT).
Our experienced team has a proven record of value creation
through development, refurbishment and asset management activities.
We take a fresh approach to each building, adopting a design-led
and tenant-led philosophy. We focus on buildings with reversionary
mid-market rents, particularly those in improving locations around
the West End and the City borders.
The business is grounded on a strong balance sheet with modest
leverage, a robust income stream and flexible financing. Landmark
schemes in our portfolio of 5.4 million sq ft (505,800m(2) ) as at
31 December 2012 include Angel Building EC1, Buckley Building EC1,
Qube W1, Horseferry House SW1 and Tea Building E1.
In 2013 to date Derwent London has won the 'West End Deal of the
Year' for our letting to Burberry at 1 Page Street SW1 and 'City
Development of the Year' for our 4 & 10 Pentonville Road N1
scheme at the OAS Development Awards as well as 'Developer of the
Year' at the New Energy & Cleantech Awards.
Derwent London came seventh overall in the 2012 Management Today
awards for 'Britain's Most Admired Companies', topping the real
estate sector for the third year in a row. Earlier in 2012 the
Group won the Estates Gazette 'Property Company of the Year -
Offices' award. Last year the Tea Building also won a RIBA regional
award and an AJ Retrofit award for the 'Green Tea' refurbishment to
improve the environmental performance of the building.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon.
DISCLAIMER
This announcement does not constitute or form part of an offer
to sell or the solicitation of an offer to subscribe for or
otherwise acquire any securities in the United States or in any
other jurisdiction. This announcement is not for distribution,
directly or indirectly in or into the United States (as defined in
Regulation S under the US Securities Act of 1933, as amended (the
"Securities Act")). The securities referred to herein have not been
and will not be registered under the Securities Act and may not be
offered or sold within the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act.
This communication is directed only at persons who (i) are
outside the United Kingdom or (ii) have professional experience in
matters relating to investments falling within Article 19(5) of The
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or (iii) are persons falling within Article 49
2(a) to (d) of the Order (all such persons together being referred
to as "relevant persons"). This communication must not be read,
acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication
relates is available only to relevant persons and will be engaged
in only with relevant persons.
The Joint Bookrunners are acting on behalf of the issuer and the
Company and no one else in connection with the Bonds and will not
be responsible to any other person for providing the protections
afforded to clients of the Joint Bookrunners or for providing
advice in relation to the Bonds.
N M Rothschild & Sons Limited ("Rothschild"), which is
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and the Prudential Regulation
Authority in the United Kingdom, is acting for the Company and no
one else in relation to the Bond offering and will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Rothschild nor for providing
advice in relation to the Bond offering.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by the Joint Bookrunners or by Rothschild or
by any of their respective directors, officers, employees or agents
as to or in relation to the accuracy or completeness of this
announcement or of any written or oral information made available
to any interested party or its advisers and any liability therefor
is hereby expressly disclaimed.
Stabilisation/FCA
THE ROYAL BANK OF SCOTLAND PLC IS ACTING AS STABILISING MANAGER.
IN CONNECTION WITH THE ISSUE OF THE BONDS THE STABILISING MANAGER
OR ANY PERSON ACTING ON BEHALF OF THE STABILISING MANAGER MAY
OVER-ALLOT BONDS OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING
THE MARKET PRICE OF THE BONDS AT A LEVEL HIGHER THAN THAT WHICH
MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE
STABILISING MANAGER (OR ANY PERSONS ACTING ON BEHALF OF THE
STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY
STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH PUBLIC
DISCLOSURE OF THE FINAL TERMS OF THE OFFER OF THE BONDS IS MADE
AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER
THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE BONDS AND
60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE BONDS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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