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Man Group says greenshoe exercised, raising convertibles to £400 million
New York, Nov. 7 - Man Group plc said the underwriters of its recent offering of 3.75% convertible bonds due 2009 exercised the £50 million over-allotment option in full, raising the total size of the deal to £400 million.
Man Group originally priced £350 million of the bonds Thursday to yield 3.75% with a 31.95% initial conversion premium via bookrunner Merrill Lynch International. The issue was upsized at pricing from a planned £325 million and priced at the rich end of talk.
Proceeds will be used for general corporate purposes; initially they will be used to pay down bank borrowings. The offering will extend the company's maturity profile, Man Group said.
The deal was offered outside the U.S. under Regulation S. It was not offered to investors in the U.S., Canada, Japan and Australia.
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