Helical Bar to raise €105m through bond offering

Helical Bar has announced plans to issue £85 mln (€105 mln) of senior, unsecured convertible bonds due in 2019, with an option to increase the offering by up to £15 mln.

The UK investment and development company said it will initially use the net proceeds to repay its existing revolving credit facilities, which will remain available to redraw at a later date. In due course, the proceeds may be used to help fund its development pipeline and for new acquisitions.

The bonds will be issued at par and are expected to carry a coupon of between 4.00% and 4.50% per annum payable semi-annually in arrear. The initial conversion price is expected to be set at a premium of between 30% and 35% above the volume weighted average price of the shares on the London Stock Exchange from market open to close of trading today.

JP Morgan Securities and The Royal Bank of Scotland are acting as joint bookrunners on the offering.