FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 2003
Commission File Number
WATERFORD WEDGWOOD PLC
(Translation of registrant's name into English)
1/2 UPPER HATCH ST, DUBLIN 2, IRELAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F..X.. Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X...
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ________
Waterford Wedgwood plc
("Waterford Wedgwood" or the "Company")
Subordinated Bond successfully priced
Waterford Wedgwood announces that its offering of subordinated bonds in the
principal amount of EUR166.0 million due 2010 has been successfully priced at a
coupon of 9 7/8%, in line with expectations.
The offering of the subordinated bonds (issued at 99.381%), which was
oversubscribed, is currently expected to close on 1 December, 2003.
Waterford Wedgwood has also completed agreements amending and restating its
revolving credit facilities, certain of its other senior debt facilities, and
its Private Placement Notes. These arrangements, together with the previously
announced conditional Rights Issue, add to the Group's liquidity, extend the
maturity of its indebtedness, and further solidify its long-term capital
structure.
Redmond O'Donoghue, Waterford Wedgwood Chief Executive Officer, commented:
"We are pleased at the completion of our bond, which was over-subscribed. The
successful completion of this offering, combined with our fully underwritten
rights issue and our new, reduced senior debt structure, sets a solid foundation
for Waterford Wedgwood's future growth."
27 November, 2003
Enquiries:
Waterford Wedgwood Tel: +44 (0) 1782 204141
Redmond O'Donoghue, Group Chief Executive Officer
Richard Barnes, Group Finance Director
Davy Stockbrokers
Hugh McCutcheon Tel: + 353 (0)1 679 6363
Eugenee Mulhern
College Hill Associates (UK/Europe) Tel: +44 (0) 20 7457 2020
Kate Pope
Dennehy Associates (Ireland) Tel: + 353 (0)1 676 4733
Michael Dennehy
Rights Issue Conditions and Timetable
Waterford Wedgwood's entrance into the various refinancing arrangements, the
closing of the offering of its subordinated bonds, and the admission of its
nil-paid rights to the Official Lists of the Irish Stock Exchange and of the UK
Listing Authority and to trading on the respective main markets of the Irish
Stock Exchange and of the London Stock Exchange, will satisfy the conditions of
the 3 for 11 Rights Issue announced on 14 November, 2003. The Rights Issue is
fully underwritten by Davy Stockbrokers.
The expected timetable in relation to the Rights Issue is as set out below:
Record Date for the Rights Issue 6.00 p.m. on 25 November, 2003
Despatch of the Rights Issue document and of the Provisional 1 December, 2003
Allotment Letter (to Qualifying Non-CREST Stockholders only)
Ex-Rights date (i.e. being the date from which the Existing Stock 8.00 a.m. on 2 December, 2003
Units will trade excluding the entitlement to participate in the
Rights Issue)
Dealings in the Rights Issue Units commence, nil paid 8.00 a.m. on 2 December, 2003
Nil Paid Rights and Fully Paid Rights enabled in CREST 8.00 a.m. on 2 December, 2003 *
Stock accounts in CREST credited with Nil Paid Rights 2 December, 2003
Recommended latest time for requesting withdrawal of Nil Paid Rights 4.30 p.m. on 16 December, 2003
from CREST (i.e. if your Nil Paid Rights are in CREST and you wish
to convert them to certificated form)
Latest time for depositing renounced Provisional Allotment Letters, 3.00 p.m. on 19 December, 2003
nil paid, in CREST or for dematerialising Nil Paid Rights into a
CREST stock account
Latest time and date for splitting Provisional Allotment Letters, 3.00 p.m. on 22 December, 2003
nil paid
Latest time and date for acceptance and payment in full 9.30 a.m. on 24 December, 2003
Dealings in the Rights Issue Units commence, fully paid 29 December, 2003
Recommended latest time for requesting withdrawal of Fully Paid 4.30 p.m. on 5 January, 2004
Rights from CREST
Latest time for depositing renounced Provisional Allotment Letters, 3.00 p.m. on 9 January, 2004
fully paid, in CREST or for dematerialising Fully Paid Rights into a
CREST stock account
Latest time and date for splitting, fully paid 3.00 p.m. on 12 January, 2004
Latest time and date for registration of renunciation, fully paid 3.00 p.m. on 14 January, 2004
Expected date for crediting Rights Issue Units to CREST stock 15 January, 2004
accounts
Expected date of despatch of definitive stock certificates in on or before 21 January, 2004
respect of Rights Issue Units
*or as soon as practicable after Admission has become effective
Terms defined in the Rights Issue Documentation have the same meaning in this
announcement.
THIS PRESS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES
NOR SHALL IT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO
BUY, AND THERE SHALL NOT BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN
WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THE
SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISRATION OR
AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED.
For the purpose of Section 21 of the Financial Services and Markets Act 2000 of
the United Kingdom ("FSMA"), to the extent that this press release constitutes a
financial promotion in respect of the issuance of any securities of Waterford
Wedgwood, any invitation or inducement to engage in any investment activity
included within this press release is directed only at (i) persons who are
investment professionals within the meaning of Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended) of
the United Kingdom (the "Financial Promotion Order"); or (ii) persons who fall
within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated
associations etc.") of the Financial Promotion Order; and (iii) any other
persons to whom this press release for the purposes of Section 21 of FSMA can
otherwise lawfully be made (all such persons together being referred to as
"relevant persons"), and must not be acted on or relied upon by persons other
than relevant persons. Any invitation or inducement to engage in any investment
activity included within the press release is available only to relevant persons
and will be engaged in only with relevant persons.
For the purpose of Section 4 of the Public Offers of Securities Regulations 1995
("POS Regs"), Waterford Wedgwood will not offer or sell any of the bonds
contemplated under its new capital structure to persons in the United Kingdom,
except (a) to persons whose ordinary activities involve them in acquiring,
holding, managing or disposing of investments (as principal or agent) for the
purposes of their business; (b) in the circumstances in which such bonds qualify
as "Euro-securities" and are offered in compliance with section 7(2)(s) of the
POS Regs; or (c) otherwise in circumstances which have not resulted in and will
not result in an offer to the public in the United Kingdom within the meaning of
the POS Regs.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Waterford Wedgwood PLC
(Registrant)
By: Patrick Dowling
(Signature)*
Date: 27 November 2003