6th Dec 2007 16:29
Marks & Spencer Group PLC06 December 2007 Issued: 6 December 2007 On 6 December 2007, Marks and Spencer Group plc (the "Group" or "M&S")successfully launched and priced £250 million of notes issued by Marks andSpencer plc (the "Notes"). The 30 year Notes, maturing on 13 December 2037, have embedded put and calloptions exercisable at year 5, and pay an annual coupon of 6.875 per cent forthe first 5 years. If called, the credit spread of the Notes will be reset andthe Notes will remain outstanding at an annual rate of 4.54 per cent plus thereset credit spread until the final maturity. If put in year 5 then M&S willrepay the Notes at par to the investors at this time. It is expected that the net proceeds of the offering will be used to facilitatethe funding, in part, of the Group's market share buy-back programme announcedat its interim results on 6 November 2007. The offering is expected to close on 13 December 2007. The structure of these Notes enables M&S to benefit from a reduced cost offunds, with the annual interest cost to M&S for the period to 13 December 2012,being 6.125 per cent. For further information, please contact: Corporate PR Marks & Spencer 020 8718 1919 Investor Relations Marks & Spencer 020 8718 3604 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Marks & Spencer