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International Workplace Group (IWG), one of the leading global providers of flexible office spaces, has repurchased £10.8 million of its £350 million convertible bonds due in 2027. The bonds were repurchased at a weighted average price of 94.4%, representing a total consideration of £10.2 million, according to The Financial Times.
“Following this purchase, £158.2 million (swapped to $201.3m) in aggregate principal amount of the Convertible Bonds remains outstanding,” the report says.
IWG has reported record growth in 2024 and the repurchase appears to be part of its ongoing efforts to manage debt.
The bond repurchase signals IWG’s proactive approach to maintaining financial health, providing the company with more flexibility to pursue growth and investment opportunities. With the demand for hybrid and flexible workspaces continuing to rise, IWG remains a key player in the commercial real estate landscape.
By reducing its debt load, IWG is not only safeguarding its own future but also sending a positive signal to investors and stakeholders about the company’s long-term stability and growth potential. The possibility of further debt repurchases, depending on market conditions, highlights the group’s commitment to efficient capital management, and reflects optimism about the future of the industry.
