New York, June 14 - Marylebone Warwick Balfour Group plc said it priced £30 million of 9¾% unsecured loan stock due 2012.
KBC Peel Hunt managed the transaction.
Proceeds, along with cash on hand, will be used to fund the redemption of Marylebone Warwick's existing £34.1 million of unsecured loan stock on July 31. The company noted that the new deal achieves a "substantial" reduction in borrowing costs, cutting them by 15% a year, allowing for the redemption premium. The transaction also extends the maturity to 2012 from 2006.
Marylebone Warwick is a London-based owner and operator of hotels, the Liberty store and offices.
| Issuer: | Marylebone Warwick Balfour Group plc
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| Issue: | Unsecured loan stock
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| Amount: | £30 million
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| Maturity: | June 30, 2012
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| Coupon: | 9¾%
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| Price: | Par
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| Call: | On completion of cash distribution program at premium of 50% of difference between 9¾% and 12-month Libor for period from redemption through June 30, 2009
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| Manager: | KBC Peel Hunt
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