After its publication of excellent results for the first half ended Feb. 28, Asos announted an offer to sell £500 million (€577.5m-$686.6m) in senior unsecured guaranteed convertible bonds due in 2026. The bonds are being offered by the company’s wholly-owned subsidiary Cornwall. The proceeds will be used by the U.K.-based online fashion retailer to fund the company’s global growth, as well as the acquisition of Topshop brands completed in February. The bonds will be issued at par and will carry an annual coupon of 0.75 percent payable twice a year in equal instalments on April 16 and Oct. 16. They will be convertible into preference shares of Cornwall which will be exchanged for ordinary shares in Asos. The conversion price is set at a premium of 47.5 percent above the reference share price of £54.00 (€62.4-$74.2). The underlying shares the bonds represent 6.3 percent of the total number of Asos’ issued and outstanding shares. Settlement and delivery of the bonds are expected to take place on or about Apr. 16. Cornwall will have the option to redeem all outstanding bonds on or after May 7, 2024.