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Trainline announces bond offer to help liquidity
StockMarketWire.com
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Trainline has announced the launch of an offering of £150 million of senior unsecured convertible bonds due 2026.
The company said the net proceeds of the issue of the bonds will provide additional liquidity, protecting the business further in an extended Covid downturn scenario while giving greater flexibility to invest in possible future growth opportunities.
The bonds are expected to carry a coupon of between 1.0% and 1.5% per annum payable semi-annually in arrear in equal instalments on 14 January and 14 July in each year, with the first interest payment date being 14 July 2021.
The initial conversion price is expected to be set at a premium between 45% and 50% above the volume weighted average price of an ordinary share on the London Stock Exchange, with settlement expected to take place on 14 January.
JP Morgan Cazenove and Morgan Stanley & Co International are acting as joint global coordinators alongside HSBC, joint bookrunners for the offering.
At 9:20am: (LON:TRN) Trainline PLC share price was 0p at 418.8p
Story provided by StockMarketWire.com
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