Vector Hospitality has completed the sale of £588 mln (EUR 866 mln) of convertible bonds. The UK hotel owner Vector sold five-year bonds with a coupon of 2.75%, the lower end of a proposed range that was as high as 3.25%, the London-based company said today in a regulatory news service statement. The bonds will have a conversion premium of 32% more than the IPO price, the top end of a proposed range that started at 27%. 'The strength of demand generated by the offering has allowed the extension option to be fully exercised and for the coupon and conversion premium to be set at the best ends of the marketing ranges for Vector,' the company said.
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