Liberty International has lowered the conversion price of its convertible bonds due 2010 from £8 (EUR 9.07) to £7.16 per ordinary share. The new conversion price is effective from 28 May.
Liberty International has lowered the conversion price of its convertible bonds due 2010 from £8 (EUR 9.07) to £7.16 per ordinary share. The new conversion price is effective from 28 May.
In an announcement last week, the UK listed property company said £79,244,000 of the bond issue with a coupon of 3.95% is currently outstanding.
Last month, the company announced that it had raised £620 mln from the placement of a total of 200 million shares. The issue price of 310 pence represented a 21.9% discount to the market price at the time of agreeing the issue price and a 37.1%discount to NAV per share.
The proceeds of the capital hike will be used to reduce net debt and increase the group's available cash and undrawn committed financing facilities, the company said.
