Bonds
Typography

Issue of Debt: Launch of £400 million 10-year bond issue...


Sign up for our free newsletter to receive weekly news from BONDWorld. Click here to register for your free copy


Stagecoach Group plc has announced the successful launch of £400 million 10-year bonds with an annual coupon of 4.00% (subject to step-up in accordance with the terms of the Bonds). Stagecoach expects the Bonds to be issued on 29 September 2015. The joint bookrunners for the issue are Barclays, BNP Paribas and HSBC.

Stagecoach intends to use the proceeds of the Bonds for general corporate purposes including the repayment of existing debt.

In addition, Stagecoach has irrevocable commitments from banks to extend the duration of its £535 million committed, bi-lateral bank facilities to October 2020, which also extends the average duration of the Group's debt.

In due course Stagecoach intends to review its options for the existing £400 million of 5.75% bonds due to mature in December 2016.

Commenting on the issue, Ross Paterson, Finance Director, said: "We are pleased by the successful launch of this bond issue and the continuing support we receive from the debt capital markets. This issue attracted a range of high quality investors, reflecting the Group's good financial position and positive prospects. This bond issue, together with the one-year extension of the bank facilities, ensures that the Group continues to have an appropriate mix of long-term debt enabling it to plan and invest with some certainty."

Source: BONDWorld.co.uk

Newsletter

To receive our free newsletter, subscribe HERE

This site uses cookies. Cookies help us know you better and improve your navigation experience. By continuing to browse the site you are agreeing to our use of cookies.