Business
Corporate Bond Issuance
Corporate Bond Issuance.
About this update from Grainger Plc
[{"type":"text","content":"\n \nRNS Number : 0885O Grainger PLC 01 August 2014 \n \n\n1 August 2014\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, DISTRIBUTE OR PUBLISH THIS ANNOUNCEMENT\n \nGrainger plc (\"Grainger\" or the \"Company\")\n \n£75m Corporate Bond Issuance\n \nGrainger, the UK's largest listed residential property owner and manager, announces that it has priced a £75m tap of its £200m 5.0% secured bond due December 2020. The yield to maturity on the tap issue was priced at 4.792%. The issue is expected to close next week.\n \nThe proceeds will be used to reduce drawings under the Group's revolving bank facility. This will leave the Group well positioned to take advantage of future investment opportunities in the residential market.\n \nThe credit rating on the bond remains unchanged at BB+ stable, rated by Fitch and Standard and Poor's ratings agencies.\n \n-ENDS- \n \nFor further information:\n \nGrainger plc Tel: +44 (0) 207 940 9500\n \nAndrew Cunningham, Chief Executive\nMark Greenwood, Finance Director\nKurt Mueller, Director of Corporate Affairs\n \nFTI Consulting Tel: +44 (0)20 3727 1000\nStephanie Highett/ Dido Laurimore/Nick Taylor\n \n \nDisclaimer\nThe press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. There will not be any sale of these securities in any such state or country in which such offer, solicitation or sale would be unlawful prior to ...