International Workplace Group PLC Partial Repurchase of Convertible Bond
June 25 2024 - 6:00AM
RNS Regulatory News
RNS Number : 7952T
International Workplace Group PLC
25 June 2024
25
June 2024
PARTIAL
REPURCHASE OF CONVERTIBLE BOND
International Workplace Group plc
("IWG") announces that it has entered into irrevocable agreements
("Agreements") with certain holders (the "Investors") of IWG
International Holdings S.À R.L.'s £350 million 0.5 per cent.
convertible bond (the "Convertible Bond"). Pursuant to the
Agreements the Investors have agreed to sell £118.3 million face
value of the Convertible Bond back to IWG (or its affiliates) at a
weighted average price of 0.9215%, including accrued interest,
representing a consideration of £109.0 million.
The same Investors have also placed
orders in respect of IWG US Finance LLC's previously-announced
fixed-coupon bond offering (the "Bond Transaction") at a price of
100.2109% which will increase the aggregate nominal amount of the
Bond Transaction from €500 million to €575 million, i.e. an
increase of 15%.
Repurchased Convertible Bonds will
subsequently be cancelled. Should the Bond Transaction complete as
expected on 28 June 2024 then the nominal amount outstanding of the
Convertible Bonds will accordingly be £231.7 million. Should the
Bond Transaction not complete for any reason then all Agreements
with the Investors lapse.
All terms received by the Investors
in the Bond Transaction, apart from pricing above, will be the same
as terms received by every other investor in the Bond
Transaction.
Further information
International Workplace Group
plc
Charlie Steel, Chief Financial
Officer
Richard Manning, Head of Investor
Relations
See IWG Investor Relations website for contact
details
|
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