Mitie Share News (MTO)

(Sharecast News) - Strategic outsourcing and energy services company Mitie has agreed to terms with Pricoa Private Capital and NYL Investors over the issuance of £120.0m in US private placement notes.
Mitie said on Friday that the new notes would be formally issued under a delayed funding arrangement in December 2022, avoiding any overlap with £121.5m in existing notes that mature the same month.

The FTSE 250-listed firm added that the new notes were split equally between eight, ten and 12-year maturities, and will be issued at an average coupon of 2.94%, significantly below current coupon rates.

Chief financial officer Simon Kirkpatrick said: "This is the final step in our refinancing strategy, having secured an investment-grade credit rating in June and refinanced our revolving credit facility in September.

"The agreed terms reflect the strength of our balance sheet, which is as stable and flexible as it has been in recent history, and provides a strong base for future growth."

As of 0835 GMT, Mitie shares were up 0.41% at 67.47p.