Grainger to repay £200 million short-term bank facility via new bonds

By Sarah Lizee

Olympia, Wash., June 29 – Grainger plc plans to repay a £200 million short-term bank facility using proceeds from new bonds, according to a London Stock Exchange notice.

The company announced Monday that it has issued £350 million of 3% 10-year senior secured bonds.

Proceeds from the issue will also be used to support growth.

The transaction will extend the company’s weighted average debt maturity profile to 6.8 years and will marginally increase the company's average cost of debt to 3.1% on a pro forma basis.

Grainger is a Newcastle upon Tyne, England-based residential property management company.

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