TESCO ISSUES 100 MLN STG CONVERTIBLE BOND
Tesco Plc <TSCO.L> is issuing a 100 mln
stg convertible eurobond due February 20, 2002 paying an
indicated coupon of four to 4-1/4 pct and priced at par, lead
manager Credit Suisse First Boston Ltd said.
    The issue is callable after 90 days at 106 pct declining by
one pct per annum to par thereafter. It is not callable until
1992 unless the share price exceeds 130 pct of the conversion
price. Final terms will be set on, or before, March 9.
    The deal has an investor put option after five years, which
will be priced to give the investor an annual yield to the put
of 8-3/4 to nine pct.
    The selling concession is 1-1/2 pct while management and
underwriting each pay 1/2 pct. The payment date is March 25 and
there will be a short first coupon period.
    The issue is available in denominations of 1,000 and 5,000
stg and will be listed in London.
 REUTER
