Cable and Wireless plc ("Cable & Wireless"), announces today (16 June 2003) that the terms for its £258m Senior Unsecured Convertible Bonds due 2010 (the "Bonds") have been fixed as follows:
- initial conversion price has been set at 145 pence per share, which represents a 48 per cent premium over the reference price of 98 pence;
- a cash coupon of 4.00 per cent per annum; and
- the bond will be redeemed at par.
Application will be made for the Bonds to be admitted to the Official List of the UK Listing Authority and to the London Stock Exchange plc for the Bonds to be admitted to trading on the London Stock Exchange's market for listed securities.
JPMorgan acts as Financial Adviser to Cable & Wireless. Cazenove & Co Ltd. acted as Financial Adviser to Cable & Wireless in connection with the Convertible issue.
For further information please contact:
Cable & Wireless
Investor Relations: Louise Breen 020 7315 4460
Media: Susan Cottam 020 7315 4410
J.P. Morgan Securities Ltd.
Ian Hannam 020 7325 1000
Bernard Taylor 020 7325 1000
Cazenove & Co Ltd.
Duncan Hunter 020 7588 2828
MEMBERS OF THE GENERAL PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THIS OFFERING. IN THE UNITED KINGDOM, THIS ANNOUNCEMENT, IN SO FAR AS IT CONSTITUTES AN INVITATION OR INDUCEMENT TO PARTICIPATE IN THE OFFERING, IS DIRECTED EXCLUSIVELY AT PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN ARTICLE 19(5) (INVESTMENT PROFESSIONALS) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2001 (AS AMENDED) ("THE ORDER") OR ARE PERSONS FALLING WITHIN ARTICLE 49(2)(a) TO (d) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS ANNOUNCEMENT, IN SO FAR AS IT CONSTITUTES AN INVITATION OR INDUCEMENT TO PARTICIPATE IN THE OFFERING, MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. THE BONDS REFERRED TO IN THIS ANNOUNCEMENT WILL BE ISSUED ONLY TO RELEVANT PERSONS.
STABILISATION / FSA
JPMORGAN AND CAZENOVE ARE ACTING FOR CABLE AND WIRELESS AND NO ONE ELSE IN CONNECTION WITH THE OFFER OF THE BONDS AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO THEIR RESPECTIVE CLIENTS, OR FOR PROVIDING ADVICE IN RELATION TO THE PROPOSED OFFER.
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO ANY US PERSON (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (REGULATION S). THESE MATERIALS ARE NOT AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES OR ELSEWHERE. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS UNLESS THEY ARE REGISTERED OR EXEMPT FROM REGISTRATION. THERE WILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES.