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Bazalgette Finance plc
19 July 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF ANY APPLICABLE LAWS OR REGULATIONS.
Tideway raises £300 million in US Private Placement (USPP) transaction
Bazalgette Finance plc is pleased to announce that Bazalgette Tunnel Limited has signed an agreement with four institutional investors from the US for the placement of £300 million notes with maturity date 2032.
The notes are denominated in British Pound Sterling with a semi-annual coupon at a fixed rate of 2.86% per annum.
The placement will fund in September 2017 and will be used for general corporate purposes.
The placement is Tideway's first issuance in the USPP market and allows Tideway to raise financing at attractive rates, while diversifying its sources of funding to a new investor base. The placement will further strengthen the company's liquidity position, which at 31 March 2017 included £316m in cash, £348m outstanding funds committed by its shareholders, an undrawn £1bn RCF, and £1.15bn of RPI-linked long-term financing with deferred drawing dates. Since financial year end Tideway has signed a £100m loan and a £125m bond, both linked to RPI and with deferred drawing dates, in addition to this £300m US private placement.
Mark Corben, Chief Financial Officer of Tideway, commented:
"We are delighted that the significant progress made by the company over the last year is recognised by investors in new markets. This placement marks a significant step forward in de-risking the financing of our investment programme, as we now have secured approximately two thirds of our long-term financing needs to the end of construction, and it sets a benchmark for future issuance."
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The information contained herein does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. The notes referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, transferred or delivered, directly or indirectly, into or within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There has been and will be no public offer of the notes referred to herein in the United States. Potential users of the information contained herein are required to inform themselves about and observe all applicable restrictions.
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