19 Oct 2012 13:53
REG-Stagecoach Group PLC: Issue of Debt
Released: 19 October 2012
Issue of Debt
Issue of US$150 million 10-year United States Private Placement ("USPP") Notes
Stagecoach Group plc (the "Group" or the "Issuer") is pleased to announce the successful issue of US$150 million 10-year notes (the "Notes") in a private placement transaction with United States investors on 18 October 2012. The notes have an annual coupon of 4.36%.
This US$150 million private placement will be used to repay bank loans that were initially used to finance the acquisition of businesses from Coach America in July 2012, and restores the Group's facility headroom back to a level in line with what it was as at 30 April 2012. In addition to increasing borrowing headroom, the issue extends the average maturity of the Group's borrowings and further diversifies its sources of funding.
Commenting on the issue, Martin Griffiths, Group Finance Director, said: "We are pleased by the successful issue of these 10-year notes, which was substantially oversubscribed by investors. We believe the level of support from investors for this issue underlines the Group's strong financial position and positive prospects."
For further information, please contact:
Stagecoach Group plc
www.stagecoachgroup.com
Martin Griffiths, Group Finance Director 01738 442111
Ross Paterson, Director of Finance & Company Secretary 01738 442111
Steven Stewart, Director of Corporate Communications 07764 774680