JD Group launches bond offering
IOL Business - Jun 13th 2012, 08:37
JD Group (JDG) on Tuesday announced the launch of its inaugural offering of convertible bonds due June 2017 in a nominal amount of up to R1.0 billionâ€š with an option to increase the issue size.
The bonds are expected to carry a semi-annual coupon of between 7.0 and 7.5% per annum and will be convertible into ordinary shares in JD Group.
The company said it intends to use the net proceeds of the offering to primarily fund the expected growth in its consumer finance business.
The initial conversion price is expected to be set at a premium of 30-35% above the reference price of R43.62â€š being the 5-day volume-weighted average price of JD Group shares up to Monday June 11.
The bonds will be issued at 100% of their nominal amount andâ€š unless convertedâ€š repurchased or redeemed before June 2017â€š will be redeemed at par in June 2017.
JD Group will have the option to call the bonds after four yearsâ€š if the price of JD Group Shares exceeds 130% of the then prevailing conversion price over a specified period.
â€śThe offering is open with immediate effect and will close as soon as is practicable todayâ€š Tuesdayâ€š June 12â€šâ€ť JD Group said in a statement on SENS.
It is expected that settlement of the bonds will take place on or about Wednesdayâ€š June 20.
Rand Merchant Bankâ€š a division of FirstRand Bank and The Standard Bank of South Africaâ€š are acting as joint bookrunners. - I-Net Bridge
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