Devonshires are delighted to have acted for Optivo on two bond tap issues in less than four months.
In March, Optivo issued an £150 million tap of its existing 5.25% 2043 bonds. £100 million of the new 2043 bonds were sold via forward sale at a price of 150.7 per cent raising £150 million proceeds. Optivo retained the remaining £50 million of the increased bond for potential sale to be agreed at a future date.
Today, we have closed an £100 million tap of Optivo’s 2.857% 2035 bonds. It was a fully retained issue which will allow Optivo to keep bonds in reserve ready for future sale.
Tariq Kazi, Director of Corporate Finance at Optivo said “We were delighted with Devonshires advice and support to Optivo’s business needs throughout both bond tap transactions.”