5th Nov 2021 09:54
Mitie Group PLC - Glasgow-based facilities management and professional services - Agrees terms with Pricoa Private Capital and NYL Investors LLC for the issuance of GBP120 million of US private placement notes.
The notes will be formally issued under a delayed funding arrangement in December 2022, avoiding any overlap, Mitie says, with its existing GBP121.5 million of notes that mature in December 2022.
The new notes are split equally between 8, 10 and 12 year maturities, and will be issued at an average coupon of 2.94%, which Mitie notes is significantly below the current coupon.
Chief Financial Officer Simon Kirkpatrick says: "This is the final step in our refinancing strategy, having secured an investment grade credit rating in June and refinanced our Revolving Credit Facility in September. The agreed terms reflect the strength of our balance sheet, which is as stable and flexible as it has been in recent history, and provides a strong base for future growth."
Current stock price: 66.92 pence
Year-to-date change: up 63%
By Will Paige; [email protected]
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