26th Mar 2015 13:51
Sky issues €600m five year floating rate bond
Sky plc announces today that it has successfully priced €600m of Euro denominated bonds. This debt refinances the remaining piece of Sky's bank bridge facility put in place for the Italian and German acquisitions completed in November 2014. In addition, it provides funding for the acquisition of the approximately 4% of Sky Deutschland shares held by minority shareholders that will be acquired by Sky later this year through the already announced "Squeeze-out" process.
The bonds that have been priced are €600 million Senior Unsecured Floating Rate Notes, at a coupon of 3 month EURIBOR plus 0.75%, due 2020.
After all professional, advisory, rating agency & legal fees, and based on current EURIBOR rates, the company expects the blended pre-tax cost of the new bonds issued to be less than 1% per annum.
Sky's overall pre-tax cost of debt is less than 4% per annum and average maturity across the total bond portfolio is 7 ½ years.
Sky's credit ratings with Standard & Poor's and Moody's are BBB (stable) and Baa2 (stable), respectively.
Address of Issuer:
Sky plc
Grant Way
Isleworth
Middlesex TW7 5QD
Analyst/Investor Enquiries:
Tanya Richards +44 20 7032 3019
Ed Steel +44 20 7032 2093
Press Enquiries:
Robin Tozer +44 20 7032 0620
Related Shares:
Sky