13th Oct 2008 14:00
13 October 2008
UBM update on corporate debt facilities
United Business Media Limited today provides the following information regarding its current corporate debt facilities.
UBM raised ‚£75m though the issue of 20 year Floating Rate Reset Bonds at the end of September. The Bonds bear interest at six month LIBOR plus 0.68% until 26 September 2011. Thereafter the interest rate will be 4.70% plus a credit spread which will be reset every three years by auction. Bondholders may put the Bonds back to the issuer, at par, on 26 September 2011 and on each triennial interest reset date thereafter. The issuer may call the Bonds at fair market value on interest payment dates from September 2011. If not put or called, the Bonds will mature in 2028.
The net proceeds of the Bonds will be used for general corporate purposes.
UBM also has a ‚£325m committed revolving credit facility which matures in July 2012. At the end of September 2008 approximately ‚£55m of this facility remained undrawn. Of the ‚£270m drawn, approximately ‚£170m is at an average fixed cost of 3.30% for a period of three years.
The company has ‚£58m of other drawn committed facilities with maturities of between 3 and 32 months.
At the end of September 2008 the company had approximately ‚£200m of cash ondeposit.ContactsMedia 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 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors
1. About United Business Media
United Business Media 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 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 6,500 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.unitedbusinessmedia.com.
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