26th Sep 2011 12:00
26 September 2011
UBM plc announces repayment of £75m Floating Rate Reset Bonds due 2028
UBM plc has redeemed the £75m Floating Rate Reset Bonds issued in September 2008 (the "Bonds") effective today.
As provided under their terms, UBM has also paid the fair market value of the options associated with the Bonds, totalling £19.1m. This mark to market value will be reflected as an exceptional financing charge in the 2011 results. The Bonds and the option value (a total of £94.1m) have been repaid with the proceeds of a drawdown under UBM's £300m 2016 Revolving Credit Facility and existing group cash resources.
As a result, net interest expense for 2011 will be reduced by approximately £1mfrom previous management guidance, with proportionate reductions expected infuture periods. - Ends - ContactsAnalysts/Investors Kate Postans Head of Investor Relations Email [email protected] Direct telephone +44 20 7921 5023 Media Peter Bancroft Director of Communications E-mail [email protected] Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Notes to Editors1. About UBM plc
UBM plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print and provide them with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists around the world. Our 6,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.ubm.com;
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