30th Oct 2019 11:28
(Alliance News) - National Express Group PLC said Wednesday it secured USD509 million in senior unsecured fixed rate notes as it looks to take advantage of attractive market conditions to repay existing debt.
The FTSE 250-listed transport firm said the new notes will be in five tranches issued in two stages in May 2020 and June 2020 with maturities between 7 and 12 years.
The weighted average coupon for the fixed rate notes is 1.92%, with the notes denominated in US dollar, euro and sterling.
National Express will use the funds to repay its existing GBP225 million bond and EUR250 million floating rate notes which mature in mid-2020.
"This private placement transaction improves liquidity, debt refinancing risk and lender diversity over the medium term at an attractive blended fixed interest rate, and reflects the group's ongoing pro-active management of its debt arrangements," Finance Director Chris Davies said.
Shares in National Express were 0.1% lower at 447.40 pence in London on Wednesday.
By Ahren Lester; [email protected]
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