IWG repurchases £37m principal of convertible bonds

International Workplace Group announced on Monday that it has repurchased £37.2m in principal amount of its £350m 0.5% convertible bonds due 2027.

The FTSE 250 company said the repurchase was executed at a weighted average price of 92.90%, resulting in a total spend of £34.6m.

Alongside the bond repurchase, the corresponding portion of the dollar derivative linked to the notional amount of the repurchased bonds was also unwound.

Following the transaction, £194.5m (equivalent to $247.5m) in principal amount of the convertible bonds remained outstanding.

IWG indicated that it could consider further bond repurchases depending on market conditions.

The repurchased bonds would be surrendered and cancelled by the company, as part of its ongoing debt management strategy.

At 1111 BST, shares in International Workplace Group were up 0.3% at 168.8p.

Reporting by Josh White for Sharecast.com.