Contractor looking to take advantage of market conditions with bond offer
Contractor Balfour Beatty has announced it intends to raise 拢250m on the capital markets by issuing a bond.
It said it wanted to 鈥渢ake advantage of currently favourable convertible market conditions to continue diversifying its funding sources鈥�.
Balfour Beatty has already raised $350m in the US this year through a private placement. In the summer it reported the group was running net debt at June 28 of 拢189m, which fell from net cash of 拢34m at the same point the year before.
Balfour Beatty said the bonds would mature in December 2018, and would be convertible into ordinary shares of the company at a 30-35% premium to the average share price of the firm over a set period. The bonds will be unsecured but guaranteed by the company.
It said it would issue 鈥� or 鈥渟ettle鈥� 鈥� the bonds on December 3 this year.
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