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Aveng announces launch of convertible bond offering

Bonds are expected to be priced today.

* Announces launch of an offering of a base size of R1.5bn

* With an upsize option of R500m – senior unsecured convertible bonds maturing in 2019

* Will be issued at 100 pct of their principal amount and are expected to carry a coupon of between 6.75 pct and 7.50 pct per annum, payable semi-annually in arrear on 24 January and 24 July of each year

* Bonds are expected to be priced today and it is expected that settlement of bonds will take place on or about 23 July 2014

* Offering will be made by way of an accelerated bookbuild offering via a private placement to South African and international institutional investors outside United States of America

* Initial conversion price is expected to be set at a premium of between 30.0 pct and 35.0 pct above reference share price on launch date

* Final terms of bonds will be announced after pricing has been determined

Read the SENS announcement

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