Pearson plc
5 September
2024
Pearson Issues Social
Bond
Pearson plc ("Pearson") announces
that its subsidiary, Pearson Funding plc, has today priced an issue
of £350,000,000 5.375% per cent. Guaranteed
Notes due 2034 (the "Notes"), guaranteed by
Pearson. The Notes will be admitted to
trading on the International Securities Market of the London Stock
Exchange. Settlement of the Note issuance is expected on
12 September
2024.
Pearson intends to apply the net
proceeds of the Notes, in part or in full, to finance or refinance
projects and expenditures that meet the Eligible Categories set out
in Pearson's Social Bond Framework. Pearson published its updated
Social Bond Framework on 2 September 2024. The framework, which has
been prepared in accordance with the 2023 ICMA Social Bond
Principles, and the second party opinion by Moody's, are published
on the Pearson website.
Sally Johnson, Pearson's Chief
Financial Officer, said: "Pearson's purpose is to add life to a
lifetime of learning. We are delighted by the interest shown in our
Education bond, demonstrating both the financial progress made and
the ongoing opportunities Pearson has, alongside the strength our
purpose brings to our proposition. Through launching this bond, we
emphasise our commitment to ensuring learners around the world can
gain access to high quality education. This is an important
milestone for Pearson as we further strengthen our long-term
liquidity and continue to build a sustainable business that is
focused on digital, lifelong learning."
BNP PARIBAS, Citigroup Global
Markets Limited and J.P. Morgan Securities plc are Active
Bookrunners and Barclays Bank PLC, HSBC Bank plc and Merrill Lynch
International are Passive Bookrunners.
Contacts:
Investor Relations
Jo Russell
+44 (0) 7785 451 266
Alex
Shore
+44 (0) 7720 947 853
Gemma
Terry
+44 (0) 7841 363 216
Brennan Matthews
+1 (332) 238-8785
Media
Teneo
Ed
Cropley
+44 (0) 7492 949 346
Pearson
Laura Ewart
+44 (0) 7798 846 805
Disclaimers: The distribution
of this announcement and other information in connection with any
offer in certain jurisdictions may be restricted by law and persons
who come into possession of this announcement or any document or
other information referred to herein should inform themselves about
and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
any jurisdiction.
This announcement does not
constitute or form part of any offer or invitation to sell, or any
solicitation of any offer to purchase any securities in any
jurisdiction. Any securities referred to herein will not be
registered under the U.S. Securities Act of 1933, as amended, (the
"Securities Act"). Subject to certain exceptions, such securities
may not be offered, sold or delivered within the United States or
to, or for the account or benefit of, U.S. persons.
This announcement is directed only
at persons who are outside the United Kingdom or (i)
are "qualified investors" within the
meaning given by Regulation (EU) 2017/1129 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018;
(ii) have professional experience in matters relating to
investments falling within Article 19(5) of The Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 and falling
within Article 49 of that Order; and (iii) are otherwise persons to
whom this announcement may lawfully be communicated (all such
persons together being referred to as "relevant persons"). This
announcement must not be acted on or relied on by persons in the UK
who are not relevant persons.
The manufacturer target market for
the purpose of UK MiFIR product governance is eligible
counterparties and professional clients only (all distribution
channels). No EU or UK PRIIPs key information document (KID) has
been prepared as the Notes are not available to retail in EEA or
UK.
FCA/ICMA stabilisation
applies.