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IWG has revealed it would raise £300 million in a convertible bond issue in an effort to help pay for acquisitions and other business dealings.
The firm is anticipating a spike in demand for flexible offices as companies reevaluate their workspace needs after the pandemic.
IWG hopes to invest in “brands, centres, services and technologies” to keep up with new growth initiatives and the growing need for flexibility in the workplace. This includes a UK acquisition, as well as other deals in Europe that could cost over £300 million in cash.
“The net proceeds from the issue of the bonds will provide IWG with the additional financial flexibility to capitalise on these opportunities and also retain a strong financial position in the current market environment,” the company said. “The issue of the bonds will also diversify the company’s sources of funding as well as further strengthen IWG’s liquidity position and maturity profile and reduce its weighted average cost of capital.”
A shareholder meeting will take place in late December to seek approval from shareholders.
