REG - Intnl Workplace Grp Regus PLC - Partial Repurchase of Convertible Bond

International WorkplaceAnnouncement

25/06/2024 11:00

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RNS Number : 7952T  International Workplace Group PLC  25 June 2024

25 June 2024

 

 

PARTIAL REPURCHASE OF CONVERTIBLE BOND

 

International Workplace Group plc ("IWG") announces that it has entered into
irrevocable agreements ("Agreements") with certain holders (the "Investors")
of IWG International Holdings S.À R.L.'s £350 million 0.5 per cent.
convertible bond (the "Convertible Bond"). Pursuant to the Agreements the
Investors have agreed to sell £118.3 million face value of the Convertible
Bond back to IWG (or its affiliates) at a weighted average price of 0.9215%,
including accrued interest, representing a consideration of £109.0 million.

 

The same Investors have also placed orders in respect of IWG US Finance LLC's
previously-announced fixed-coupon bond offering (the "Bond Transaction") at a
price of 100.2109% which will increase the aggregate nominal amount of the
Bond Transaction from €500 million to €575 million, i.e. an increase of
15%.

 

Repurchased Convertible Bonds will subsequently be cancelled. Should the Bond
Transaction complete as expected on 28 June 2024 then the nominal amount
outstanding of the Convertible Bonds will accordingly be £231.7 million.
Should the Bond Transaction not complete for any reason then all Agreements
with the Investors lapse.

 

All terms received by the Investors in the Bond Transaction, apart from
pricing above, will be the same as terms received by every other investor in
the Bond Transaction.

 

 

 

Further information

 International Workplace Group
 plc

 Charlie Steel, Chief Financial Officer

 Richard Manning, Head of Investor Relations

 See IWG Investor Relations website for contact details

 

 

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