Mitie Regulatory News (MTO)

5 November 2021

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie Group agrees terms for refinancing of £120m US Private Placement Notes

Mitie Group plc has agreed terms with Pricoa Private Capital and NYL Investors LLC for the issuance of £120m of US Private Placement (USPP) Notes.

The new notes will be formally issued under a delayed funding arrangement in December 2022, avoiding any overlap with the existing £121.5m of notes that mature in December 2022.

The new notes are split equally between 8, 10 and 12 year maturities, and will be issued at an average coupon of 2.94%, significantly below the current coupon.

Simon Kirkpatrick, Chief Financial Officer commented:

"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."

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About Mitie

Founded in 1987, Mitie's job is to look after places where Britain works and is the leading facilities management company in the UK. We offer a range of services to Central Government and Defence customers; Communities (Healthcare, Education and Local Authorities); and Technical Services (Engineering Services, Energy, Water and Real Estate Services) and Business Services (Security, Cleaning and Office Services) to Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms and increasingly to the public sector. Finally, our Specialist Services (Care & Custody, Landscapes and Waste Management) division serves both the public and private sectors in these niche businesses. 

Mitie acquired Interserve's FM business in December 2020 and now employs 75,000 people. We are the champion of the 'Front-Line Heroes' who have kept Britain working during the COVID-19 pandemic. We take care of our customers' people and buildings, through the 'Science of Service', delivering essential services and deploying industry leading technology to create safe and effective workspaces. 

The business continues to execute its technology-led strategy and in the past six months has received multiple awards. 

Find out more at www.mitie.com.