26 Nov 2012 16:13
26 November 2012
Stobart Group Limited ("Stobart" or "the Company")
Retail Bond Issue
On 13 November, Stobart announced that it intended to explore the retail bond market with the offering of a 5.5% per annum fixed rate six year Sterling bond.
The board of Stobart had considered the issue of a retail bond as perhaps a useful mix to its funding. However, in the light of the entry to the market in the last weeks of larger bond issuers at higher coupon pricing, the board of Stobart has decided not to proceed with a bond issue.
Stobart Chief Financial Officer, Ben Whawell, said: "We will keep under review the possibility of issuing a retail bond in the future, as we see it as a potential attractive funding option, but only when we feel the cost of the bond to the Company, its attractiveness to investors and its liquidity characteristics are in the right alignment."
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Enquiries:
On behalf of Stobart:
James Andrew
Influence 07545 505 058 or james@influenceltd.com
David Bick/Mark Longson
Square1 Consulting 0207 929 5599 or mark.longson@square1consulting.co.uk
About Stobart
Stobart is listed on the London Stock Exchange in the FTSE 250 (LSE:STOB). With over 6,600 employees operating from more than 50 sites across the UK and Europe, Stobart is a UK front-runner in the multimodal logistics, warehousing, civil engineering, rail infrastructure and biomass fuel sectors. At the core of the Group is the Transport and Distribution division, incorporating Eddie Stobart - the iconic name behind a huge road haulage fleet totalling some 2,500 vehicles, over 4,000 trailers and over seven million square feet of warehousing. Stobart Estates, Stobart Infrastructure and Civils, Stobart Air and Stobart Biomass divisions complete the Group's business structure. See: www.stobartgroup.com