Inchcape PLC Bond Offering (8372A)
May 26 2023 - 5:36AM
UK Regulatory
TIDMINCH
RNS Number : 8372A
Inchcape PLC
26 May 2023
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THIS ANNOUNCEMENT
26 May 2023
Inchcape plc announces plans for a Bond Offering and secures
investment grade status in its debut public rating by Moody's
Inchcape plc ("Inchcape"), the leading global automotive
distributor, today announces that it plans to issue a GBP Public
Benchmark Bond, subject to market conditions. Proceeds from the
bond offering will be used to re-finance the Group's existing
bridge facility, which helped to fund the acquisition of Derco, the
initial term for which expires at the end of FY 2023.
Inchcape has mandated BNP Paribas and MUFG as Global
Co-ordinators, with NatWest Markets and Santander as Joint Active
Bookrunners. Investor marketing for the bond offering is expected
to commence on 30 May 2023, with pricing for the offering expected
to be announced thereafter.
In addition, Inchcape has today been assigned a debut public
investment grade rating by Moody's of Baa2 (stable). Inchcape's
credit profile benefits from the Group's leading market position,
long-standing global relationships, strong balance sheet and
cash-generating capabilities.
Adrian Lewis, Group CFO, commented :
"Our proposed new GBP Public Benchmark Bond Offering will
support our stable, long term capital structure, which complements
the underlying cash generation of the Group, as we continue to
drive future investment in growth through acquisitions. In
addition, we are delighted to have obtained a strong debut public
investment grade rating of Baa2 (stable) from Moody's, which
reflects our strong track record of delivery, our differentiated
market position and our compelling growth strategy."
Contacts
Inchcape plc:
Rob Gurner Investor queries +44 (0)7825 189088 investors@inchcape.com
Krishma Arora
Media enquiries (Brunswick
Group):
Kate Holgate / Helen +44 (0)20 7404 inchcape@brunswickgroup.com
Smith 5959
About Inchcape
Inchcape is the leading global automotive distributor, with
operations across six continents. Through the unique expertise of
our people, our suite of cutting-edge technology products, and our
approach to advanced data analytics, we provide the platform for
the world's leading mobility companies to accelerate their
ambitions in markets where we and our partners want to succeed.
Our distribution platform connects the products of mobility
companies with customers, and our responsibilities span from
product planning and pricing, import and logistics, brand and
marketing to operating digital sales, managing physical sales and
aftermarket service channels.
Inchcape is driven by its purpose of 'bringing mobility to the
world's communities, for today, for tomorrow and for the better'.
We are committed to making a positive contribution to the
communities in which we operate, for our people, for society and
for the planet. The Group is headquartered in London and employs
around 19,000 people globally.
www.inchcape.com
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