REG - Intnl Workplace Grp Regus PLC - Financing Update

International WorkplaceAnnouncement

11/09/2024 07:00

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RNS Number : 6579D  International Workplace Group PLC  11 September 2024

11 September 2024

 

 

FINANCING UPDATE

 

International Workplace Group plc ("IWG" or the "Company") is pleased to
announce an update to its financing and capital structure.

 

IWG has successfully priced a series of debt transactions ("Transactions")
that:

 

·      Increases the size of the €575m 6.50% 2030 Investment Grade
Bond (the "Bond") by €50m to €625m in aggregate via a bond tap on the same
terms as the existing bond, but priced at 102.846, implying a yield to
maturity of 5.88%. The tap issue will be fully hedged into USD. Settlement of
the Bond is expected to take place on Thursday 19 September 2024.

 

·      Repurchases £25.5m in aggregate principal of IWG International
Holdings S.A.R.L.'s £350m 0.50% convertible bond due 2027 (the "Convertible
Bond") at a weighted average price of 93.6% representing a total consideration
of £23.9m. Following this purchase, £169m (swapped to $215m) in aggregate
principal amount of the Convertible Bonds remains outstanding. IWG may look to
make further repurchases from time to time, subject to market conditions.

 

·      The Convertible Bonds which have been repurchased will be
surrendered by the Company for cancellation. The associated portion of the US
dollar currency derivative on the notional amount of the Convertible Bond
repurchased has been unwound simultaneously.

 

On completion of the Transactions, net debt will be reduced by approximately
$1m. The Company envisages no change to the rating assigned by Fitch of BBB
(Stable) for either the Group or the Bond.

 

This notification complies with LR 9.7.2 in relation to the aggregate
repurchase of 51.7% of the principal amount of the Convertible Bonds initially
issued. Further announcements will be made in accordance with the Listing
Rules in the event that more Convertible Bonds are repurchased.

 

 

 

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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