By Lisa Kerner
Charlotte, N.C., Sept. 6 - Whitbread plc arranged the private placement of $210 million and £25 million of notes with existing and additional institutional investors. Once swapped, the notes are equivalent to £156.4 million.
The company drew down notes with an equivalent sterling value of £62.6 million on Tuesday. The remainder will be drawn down in January, which coincides with the maturity of £200 million of 5.7% fixed-rate swaps, according to a Whitbread news release.
Whitbread said the notes have various repayment dates between 2019 and 2022 and fully swapped sterling interest rates of 4.3% to 5.2%. The average rate is 4.8%.
Proceeds will be used to replace funds drawn under the group's bank facilities.
The company said the placement is part of its strategy to diversify its sources of funding and lengthen debt maturities.
Whitbread is a hotel and restaurant group based in Dunstable, England.
| Issuer: | Whitbread plc
|
| Issue: | Notes
|
| Total Amount: | £156.4 million
|
| Maturity: | 2019 to 2022
|
| Coupon: | 4.3% to 5.2%; average rate of 4.8%
|
| Distribution: | Private placement
|
|
|
| First tranche
|
| Amount: | £62.6 million
|
| Settlement date: | Sept. 6
|
|
|
| Second tranche
|
| Amount: | £93.8 million
|
| Settlement date: | January
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
