Informa PLC Issue of Debt (4937A)
29 Settembre 2020 - 6:13PM
UK Regulatory
TIDMINF
RNS Number : 4937A
Informa PLC
29 September 2020
Informa LEI: 5493006VM2LKUPSEDU20
Informa PLC Press Release
29 September 2020
COVID-19 Action Plan Update
Stability and Security in Financing
Informa (LSE: INF.L), the Information Services, Advanced
Learning, B2B Exhibitions and Events Group today announced an
update to its COVID-19 Action Plan, providing stability and
security in financing through the issue of GBP640m equivalent Euro
Bonds.
-- Increased financing flexibility: Issue of GBP640m equivalent
Euro bonds, with 5-year maturities, attractive 2.125% coupon and no
financial covenants, following strong market demand for Informa
credit; increases the Group's financing flexibility, with average
debt maturity of 5.3 years, and combined with the repayment of US
Private Placement notes lowers the Group's average cost of debt
from 4.25% to 3.75%;
-- Investment Grade rating: Coinciding with the Bond issue,
Informa's investment grade rating re-confirmed by both S&P and
Moody's, reflecting robust subscriptions revenue, long-term
strength of B2B brands and pro-active steps to reduce costs and
increase liquidity in the face of significant COVID-19 disruption
to physical events;
-- Stability and security in financing: Following bond issuance,
the Group intends to renegotiate or repay US Private Placement
notes, removing its point covenant and providing stability and
security in financing.
Gareth Wright , Group Finance Director, Informa PLC, said:
"As outlined in our recent Half-Year Results, through our COVID-19
Action Plan we are taking a series of actions to ensure the Stability
and Security of the Informa Group through 2021 and beyond."
He added: "Our Cost Management Programme, which has delivered
GBP600m to date, combined with today's bond issue and the planned
renegotiation or repayment of our US Private Placement Notes,
will help secure positive monthly cash flows by January 2021 and
provide long-term liquidity and financing flexibility."
Enquiries
Gareth Wright, Group Finance Director +44 (0) 20 7017 7096
Richard Garry, Group Treasurer +44 (0) 20 7017 7049
Richard Menzies-Gow, Director of IR
& Communications +44 (0) 20 3377 3445
Tim Burt / Zoe Watt - Teneo +44 (0) 20 7240 2486
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END
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September 29, 2020 12:13 ET (16:13 GMT)
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