Carlton Communications Plc has announced the launch of a bond, exchangeable into shares in Thomson multimedia, which expected to raise approximately £311 million in cash with an option to increase the issue by up to a further £62 million.
The exchangeable bond, which will mature in 2007, is expected to carry a coupon of between 2.25% and 2.75% per annum and will convert at a fixed exchange price of 41.2 Euros. The bonds will be exchangeable into up to 15.5 million new ordinary shares in Thomson, representing 5.5% of Thompson’s enlarged share capital.
The company said that the proceeds from the bond will be used
