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Convertable Bond Offering


MISYS PLC

CONVERTIBLE BOND OFFERING

Misys plc (the “Company” or “Misys”) today announces the launch of an offering of approximately £100 million Convertible Bonds due 2015 (the “Bonds”).

The Company intends to use the net proceeds of the offering to part-finance the acquisition of Sophis, a leading global provider of trading, portfolio and risk management solutions for the financial industry based in Ireland and France. Further details regarding the acquisition are available in a separate press release issued today.

The Bonds will be senior and unsecured obligations of the Company and will be subject to a negative pledge. The Bonds will be issued at par and are expected to carry a coupon of between 2.0% and 2.5% per annum payable semi-annually in arrears and will be convertible into fully paid ordinary shares of the Company (“the Shares”). The initial conversion price is expected to be set at a premium of between 25% and 35% above the volume weighted average price of the Shares from launch to pricing.

Settlement is expected to take place on or about 22 November 2010 (the “Settlement Date”). If not previously converted or redeemed, the Bonds will be redeemed at par 5 years from the Settlement Date. The Company will have the option to call all outstanding Bonds from approximately 3 years after the Settlement Date until maturity, in the event that the value of the Shares on the London Stock Exchange exceeds 130% of the principal amount over a certain period.

J.P. Morgan Cazenove is acting as lead bookrunner for the offering. Barclays Capital, HSBC and RBS Hoare Govett are acting as joint bookrunners.
 


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