International Workplace Group PLC on Wednesday said it has successfully priced a series of debt transactions which will reduce the company’s net debt on completion.
The Zug, Switzerland-based provider of flexible workspace increased the size of its 6.5% 2030 investment grade bond to €625 million from €575 million through a bond tap on the same terms, but priced at €102.85, implying a yield to maturity of 5.9%.
Furthermore, IWG repurchased for cancellation £25.5 million worth of its 0.5% £350 million convertible bond due 2027, at a weighted average price of 94% representing a total consideration of £23.9 million.
Subsequently, £169 million remains outstanding and IWG said it may look to carry out further repurchases in the future.
On completion, the transactions will reduce the company’s net debt by approximately $1 million with no envisioned change to its BBB rating from Fitch.
IWG shares were up 0.1% at 175.00 pence each in London on Wednesday morning.
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