Alphawave IP Group PLC - London-based designer of high-speed connectivity solutions - Prices an issue of $150 million in senior unsecured convertible bonds due 2030. The bonds will carry a coupon of 3.75% per annum. They can be converted into Alphawave IP shares at an initial conversion price of $1.94 per share, which is a 30% premium to the price of $1.49 that was received for a placing of 21.0 million existing Alphawave shares by some buyers of the bonds. Barclays Bank PLC was sole global coordinator and joint bookrunner for the bond offer, and BMO Capital Markets Ltd was joint bookrunner.
Alphawave adds that it continues to trade within its guidance range, noting that fourth-quarter revenue is expected to be back-load, with revenue recognition based on progress on engineering projects and execution of licensing arrangements.
Current stock price: 111.40 pence, down 19% in London on Wednesday, for £830.9 million market capitalisation
12-month change: down 3.3%
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