SMITH AND NEPHEW ISSUES CONVERTIBLE EUROBOND
Smith and Nephew Associated Companies
Plc is issuing an 85 mln stg convertible eurobond due May 7,
2002 paying a fixed coupon of four pct and priced at par, lead
manager Credit Suisse First Boston Ltd said.
    The issue is callable at 106 pct declining by one pct per
annum to par thereafter but is not callable until May 7, 1993
unless the share price exceeds the conversion price by 130 pct
or the issue is more than 95 pct converted.
    There is a put option on May 7, 1993 which will give the
investor an indicated annual yield to the put of 8-1/2 to 8-3/4
pct. Final terms will be fixed on, or before, April 8.
    The selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct. The payment date is May 7.
    The expected conversion premium is eight to 12 pct and the
issue is convertible into Smith and Nephew ordinary shares.
 REUTER
