By Lisa Kerner
Charlotte, N.C., Feb. 17 - Arriva plc said it raised €100 million through a private placement of seven-year senior unsecured fixed-rate notes.
The notes bear interest at 5.25%, according to a company news release.
Arriva said proceeds will be used initially to repay existing borrowings and to diversify the group's funding structure.
"Our successful return to the private placement market is an important development, allowing us to diversify our sources of funding while maintaining the flexibility we require to access asset-backed finance markets," Arriva group finance director Steve Lonsdale said in the release.
Arriva, based in Sunderland, England, is a private-sector provider of passenger transport in Europe.
| Issuer: | Arriva plc
|
| Issue: | Senior unsecured notes
|
| Amount: | €100 million
|
| Maturity: | 2017
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Distribution: | Private placement
|
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