Derwent London - Convertible Bond Offering

  • 17 May 2011

Slaughter and May is advising Derwent London plc ('Derwent London') on the launch of an offering of £175 million of convertible bonds due 2016 ('the Bonds') with an option to increase the offering to up to £200 million.  The Bonds are expected to be issued by Derwent London Capital (Jersey) Limited, a wholly-owned subsidiary of Derwent London incorporated in Jersey, and will be guaranteed by Derwent London. The Bonds will be senior and unsecured obligations of the Derwent London Group and will be subject to a negative pledge. The Bonds will be issued at par and are expected to carry a coupon of between 2.50% and 3.00% per annum payable semi-annually in arrear and will be convertible into fully paid ordinary shares of Derwent London. It is intended that an application will be made for the Bonds to be listed on the Official List and admitted to trading on the Professional Securities Market of the London Stock Exchange.

Derwent London announced the Convertible Bond Offering on 17 May 2011.

Derwent London is the largest central London Focused REIT with an investment portfolio of £2.4 billion as at 31 December 2010.




Matthew Tobin (partner), Richard Fletcher (associate); Corporate and Commercial: Nilufer von Bismarck (partner), James Sutton (associate); Tax: William Watson (partner), Ruth Evans (associate)

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