Cable & Wireless is issuing five-year bonds of £200m ahead of the demerger of its two main businesses, C&W International and C&W Worldwide.
The bonds will be convertible into Worldwide shares. They are part of a broader plan to refinance the Worldwide…
Cable & Wireless is issuing five-year bonds of £200m ahead of the demerger of its two main businesses, C&W International and C&W Worldwide.
The bonds will be convertible into Worldwide shares. They are part of a broader plan to refinance the Worldwide and International units by £500m and US$1bn respectively. This will be done through new credit facilities and replacement cash and bonds, which will be issued next year to cover medium term debt for the International unit.
C&W confirmed this week that it would spin off the divisions by March next year. This could lead to a potential sale of one or both of the assets, chairman Richard Lapthorne told the Financial Times.