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IWG touts potential revenue recovery in 2021; launches £300 million bond offering
StockMarketWire.com
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Workspace operator IWG touted potential revenue recovery in 2021 following an improvement in sales activity, and also announced the launch of a £300 million convertible bond offering.
The net proceeds from the issue of the bonds would 'provide IWG with the additional financial flexibility to capitalise on these [M&A] opportunities and also retain a strong financial position in the current market environment,' the company said.
The bonds would be issued at par and were expected to carry a coupon of between 0.50% and 1.25% per annum payable semi-annually in arrear in equal instalments.
The initial conversion price was expected to be set at a premium of between 35% and 40% above the volume weighted average price of an share on the London Stock Exchange between launch and pricing of the offering on 2 December.
Story provided by StockMarketWire.com
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