28th Oct 2016 15:10
LONDON (Alliance News) - National Express Group PLC on Friday said it has priced the issue of a GBP400 million 2.5% bond due in November 2023 under the GBP1 billion Euro Medium Term Note programme.
National Express said the bond is expected to be rated Baa3 by ratings agency Moody's and BBB- by Fitch Ratings.
The joint bookrunners for the issue are Bank of America Merrill Lynch, Barclays, HSBC and Santander.
National Express said it will use the proceeds of the bond for general funding purposes including the repayment of existing debt.
"We are delighted by the success of this issue and by the strong support shown by bond investors in National Express Group," Finance Director Matthew Ashley said in a statement.
Shares in National Express were trading up 2.0% at 378.10 pence on Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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