trending Market Intelligence /marketintelligence/en/news-insights/trending/oks78t4mayngyvsdcfsqga2 content esgSubNav
In This List

Cromwell prices €230M convertible bonds offering

Blog

Post-webinar Q&A: Global Credit Risk Trends 2021 and Beyond

Blog

Shore Capital is Now Available in S&P Global’s Aftermarket Research Collection

Video

S&P Capital IQ Pro | Powered by Advanced Visualization

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Cromwell prices €230M convertible bonds offering

Global real estate investment manager Cromwell Property Group priced an offering of €230 million of guaranteed convertible bonds due March 29, 2025.

The bonds will bear a fixed annual coupon rate of 2.5%, payable semiannually, and will be listed on the Singapore Exchange Securities Trading Ltd.

The bonds will be convertible into Cromwell stapled securities at A$1.177 per stapled security, reflecting a premium of 7.5% to the closing price of A$1.095 on March 21.

The issuer, Cromwell SPV Finance Pty. Ltd., will use the proceeds to repurchase as much as €150 million of its 2020 convertible bonds. It initially agreed to buy back €92.7 million of such bonds. The remaining funds will be used to repay other financial debt and for general corporate purposes.

Credit Suisse (Singapore) Ltd. and Goldman Sachs Australia Pty. Ltd. are the joint lead managers for the bond offering, which is expected to settle March 29.