Business
Bond Issue
Bond Issue.
About this update from Mobico Group Plc
[{"type":"text","content":"\n RNS Number : 4437N National Express Group PLC 10 June 2010 \n \n\n10 June 2010\n \nNational Express announces launch of ten year bond\n \nNational Express Group PLC (\"National Express\" or the \"Group\") has today successfully launched a £225 million ten year Sterling bond issue. The Group expects the bond to be issued on 17 June 2010 with an annual coupon of 6.625 per cent and a bullet repayment on 17 June 2020. The joint bookrunners for the issue are Bayern LB, BBVA, BNP Paribas and HSBC.\n \nThe proceeds from the issue of the bond will be used to repay part of the Group's existing bank borrowings. Following on from the issue of the Group's debut £350 million seven year bond in January 2010, the new bond will further extend the average maturity of the Group's debt, reduce the Group's reliance on bank financing and diversify and strengthen the Group's overall funding structure.\n \nCommenting, Jez Maiden, Group Finance Director, said:\n \n\"The successful launch of our 10 year bond has allowed us to refinance the majority of our 2011 bank debt ahead of schedule. Leading bond investors have continued to be strongly supportive of National Express, despite uncertain credit markets, and we have the long term capital structure in place to deliver opportunities across the Group.\"\n \n \nEnquiries:\n \n\n\n\n\nNational Express Group PLC\n\n\n\n\n\n\n\nJez Maiden, Group Finance Director \n\n\n0121 460 8657\n\n\n\n\nNicole Lander, Director of Communications \n\n\n0121 460 8401\n\n\n\n\n\n\n\n\n\n\n\n\nMaitland\n\n\n\n\n\n\n\nGeorge Hudson \n\n\n020 7379 5151\n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBLGDLBUBBGGG \n ","length":3988,"tagName":"div"}]