8th Sep 2022 08:59
(Alliance News) - Informa PLC on Thursday said it has bought back EUR200 million of Eurobonds, as it continues its programme to strengthen the company's balance sheet.
The London-based business publisher and events organiser said it has bought back EUR200 million Eurobonds, as part of its tender offer to buyback a portion of the EUR650 million Eurobonds due to mature in July 2023.
It also said it has completed the first EUR400 million of its GBP725 million share buyback programme.
Informa explained that around 70 million shares at an average price of 572 pence each have been bought through Merrill Lynch International since the share buyback programme started in February.
The scheme will now continue through Informa's joint broker Morgan Stanley.
Further, Informa said it expects full year leverage, excluding leases and recent divestments and acquisitions, to be close to zero. This has been achieved through "the combination of improving revenue and profit growth, strong cashflow generation and debt reduction," the company explained.
Chief Executive Stephen Carter said: "We are reducing gross debt while strengthening our balance sheet and that combined with our robust operating performance and cash generation, provides flexibility for further shareholder returns, reinvestment and expansion."
Shares in Informa were up 0.5% to 554.80 pence each in London on Thursday morning.
By Sophie Rose; [email protected]
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