Premier Image secures tight terms

At these levels, the coupon came at the tightest end of its 0% to 0.75% range, the conversion premium in the middle of a 12% to 17% range and the put option at the outer end of a 75bp to 150bp range. There is also three-year hard no call, thereafter subject to a 140% trigger and re-sets in years one, two and three, subject to an 80% floor. Redemption for the five-year deal is at par.