Aveng Ltd (AEGJ.J) Key Developments | Reuters.com
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Aveng Ltd launches convertible bond offering

Wednesday, 16 Jul 2014 01:51am EDT 

Aveng Ltd:Launches offering of base size of 1.5 bln rand, with an upsize option of 500 mln rand of senior unsecured convertible bonds maturing in 2019.Bonds will be issued at 100 pct of their principal amount and are expected to carry a coupon of between 6.75 pct and 7.50 pct per annum.Payable semi-annually in arrear on Jan. 24 and July 24 of each year, with first coupon to be paid on Jan. 24 2015.Intends to use net proceeds from offering to repay certain existing debt facilities, extend debt maturity profile and for general corporate purposes.Offering forms part of Company's strategy to manage its liquidity needs, diversify its funding sources and reduce its reliance on bank debt, and to position itself to take advantage of growth opportunities.Bonds are expected to be priced on July 16 and it is expected that settlement of the Bonds will take place on or about July 23.Barclays Bank PLC and J.P. Morgan Securities plc are acting as Joint Bookrunners.Nedbank Limited (acting through its Nedbank Capital Division) is acting as Co-Manager (together with the Joint Bookrunners, the Managers). 

Company Quote

-11.0 -3.13%
1 Jul 2016