WH Smith funds recovery with £327m convert

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By Aidan Gregory
29 Apr 2021

UK retailer WH Smith has tapped the convertible bond market for the first time as part of a wider refinancing package intended to position it for a return to growth this year once Covid-19 restrictions are lifted.

The five-year £327m convertible was sold on Wednesday evening alongside a simultaneous delta equity placement.

An unrated issuer, WH Smith marketed the bonds to investors at an initial conversion premium range of 37.5% to 42.5% above the offer price in concurrent £60m delta placement, and a coupon range of ...

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