Last checked at 5 Jun 2023 07:00
05 June 2023
Inchcape plc announces pricing for new Bond Offering
Inchcape plc ("Inchcape"), the leading global automotive distributor, announces that on 2nd June 2023 it priced its new £350m bond offering. The bonds mature in June 2028, have a coupon of 6.5% and are expected to be rated Baa2 by Moody's.
Proceeds from the offering will be used to repay the Group's existing Bridge Facility, which helped to fund the acquisition of Derco, the initial term for which expires at the end of FY 2023.
Adrian Lewis, Group CFO, commented:
"We are pleased with the success of our debut public bond issue, which ensures that Inchcape can maintain a stable, long term capital structure to support our future investment in growth. The high level of interest shown by investors across Europe emphasizes their confidence in our differentiated market position, our strong financial profile and our exciting growth prospects."
Contacts
| Inchcape plc: | |||
Rob Gurner | Investor queries | +44 (0)7825 189088 | investors@inchcape.com |
Krishma Arora | |||
| Media enquiries(Brunswick Group): | |||
Kate Holgate / Helen Smith | +44 (0)20 7404 5959 | inchcape@brunswickgroup.com |
About Inchcape
Inchcape is the leading global automotive distributor, with operations across six continents. Through the unique expertise of our people, our suite of cutting-edge technology products, and our approach to advanced data analytics, we provide the platform for the world's leading mobility companies to accelerate their ambitions in markets where we and our partners want to succeed.
Our distribution platform connects the products of mobility companies with customers, and our responsibilities span from product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.
Inchcape is driven by its purpose of 'bringing mobility to the world's communities, for today, for tomorrow and for the better'. We are committed to making a positive contribution to the communities in which we operate, for our people, for society and for the planet. The Group is headquartered in London and employs around 19,000 people globally.
www.inchcape.com