By Rebecca Melvin
New York, May 15 - Aberdeen Asian Smaller Companies Investment Trust plc has priced up to £35 million of seven-year convertible unsecured loan stock at par of £1 to yield 3.5% and with an initial conversion premium of 15%, according to a news release.
Matrix Corporate Capital LLP is placing the deal.
Placing commitments are subject to scaling back.
The issue of the loan shares is being marketed under Regulation S and is subject to shareholder approval at the company's May 17 general meeting. Subject to such approval, it is expected that dealings in the loan shares will begin on May 18.
The company is a London-based investment trust.
| Issuer: | Aberdeen Asian Smaller Companies Investment Trust plc
|
| Issue: | Convertible unsecured loan shares
|
| Amount: | £35 million
|
| Maturity: | 2019
|
| Coupon: | 3.5%
|
| Price: | Par of £1
|
| Yield: | 3.5%
|
| Conversion premium: | 15%
|
| Conversion price: | 830p
|
| Pricing date: | May 14
|
| Settlement date: | May 18
|
| Stock reference price: | 725p, close May 14
|
| Stock symbol: | London: AAS
|
| Distribution: | Regulation S
|
| Market capitalization: | £252.24 million
|
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