3rd Nov 2010 15:54
3 November 2010 UBM completes $350m corporate bond
United Business Media Limited (UBM) , rated Baa3 (stable) by Moody's and BBB- (stable) by Standard & Poors announces the closing today of its $350 million placement of 5.75% 10-year Notes due 3 November 2020. The Notes were priced at 98.295% to yield 5.979% to maturity. The Notes will be listed on the Global Exchange Market of the Irish Stock Exchange.
The net proceeds of the issue will be used to refinance $287.0 million of borrowings incurred under UBM's senior credit facility to fund the acquisition of Canon Communications LLC and for general corporate purposes.
Robert Gray, Chief Financial Officer, said:
"I'm delighted that we have successfully closed our bond issue, which provides attractive long term financing for the acquisition of Canon Communications LLC. The issue - our first in the US capital markets for more than a decade - was placed with a group of high quality institutional investors, further diversifying our sources of funding following the £250m Sterling bond issued in November 2009."
- Ends -
This announcement does not contain or constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States, United Kingdom, Canada, Australia, South Africa or Japan. This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The securities (the "Securities") to be issued by United Business Media Limited may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") unless registered under the Securities Act or pursuant to an exemption from such registration. The Securities have not been nor will be registered under the Securities Act. There will be no public offer of the Securities in the United States.
Contacts
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
Analysts/Investors
Email [email protected]
Direct telephone +44 20 7921 5095
Notes to Editors
1. UBM
UBM is a leading global provider of events; data, marketing and information products; print products; and targeting, distribution and monitoring services to specialist business communities. Our 5,800 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them and their markets to work effectively and efficiently.
For more information, go to www.ubm.com
2. Canon Communications LLC
UBM completed its $287m acquisition of Canon Communications LLC on 21 October. Canon is a leading provider of tradeshows and related media products serving the global advanced manufacturing sector. The business's principal focus is on the medical device design and manufacturing and electronics engineering markets supported by strong positions in related manufacturing process, packaging and design segments.
For more information about the renamed UBM Canon, go to www.ubmcanon.com.
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