National Express Group PLC Further re Pricing of Inaugural Hybrid (9271F)
November 19 2020 - 9:31AM
UK Regulatory
TIDMNEX
RNS Number : 9271F
National Express Group PLC
19 November 2020
Pricing of Inaugural Hybrid
19 November 2020
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN OR INTO THE UNITED STATES OR IN ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Further to its announcement on 17 November 2020, National
Express Group PLC announces that it has launched and successfully
priced a GBP500 million 4.250% hybrid instrument, with an order
book from investors approximately 8x oversubscribed. The Reg S GBP
PerpNC5.25 hybrid has been rated Ba1 by Moody's and BB+ by Fitch
(with 50% equity credit from both).
The net proceeds of the offering will be used to partly
refinance existing debt. The hybrid instrument (accounted for as
100% equity under IFRS) reinforces the Group's balance sheet
strength, creates significantly more gearing and interest cover
covenant headroom, supports the Group's investment grade credit
rating and provides ongoing financial flexibility to position the
business strongly through 2021 and beyond.
The offering will accelerate a reduction in gearing towards the
Group's target range of 1.5-2.0x. Both Moody's and Fitch have
reaffirmed the Group's investment grade credit rating including
consideration for the issuance of the hybrid instrument.
BNP Paribas and BofA Securities are joint structuring agents and
BNP Paribas, BofA Securities, MUFG and Santander Corporate &
Investment Banking are active bookrunners.
Enquiries
Chris Davies, Group Finance Director 0121 460 8655
Anthony Vigor, Director of Policy and
External Affairs 07767 425822
Louise Richardson, Head of Investor Relations 07827 807766
Notes
Legal Entity Identifier: 213800A8IQEMY8PA5X34
The person responsible for releasing this announcement is
Jennifer Myram, Company Secretary.
Important Notices
MiFID II professional investors and ECPs target market -
Manufacturer target market (MIFID II product governance) is
eligible counterparties and professional clients (all distribution
channels). No PRIIPs key information document (KID) has been
prepared as not available to retail in the European Economic Area
or in the United Kingdom.
This announcement is directed only at (i) persons who are
outside the United Kingdom (the "UK"), or (ii) persons who are in
the UK who are (a) persons who have professional experience in
matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order") or (b) otherwise, persons to whom this
announcement may lawfully be communicated pursuant to the Order
(all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons
and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which
this announcement relates is available only to relevant persons and
will be engaged in only with relevant persons.
The notes have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws, and may not be offered or sold
in the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the Securities Act).
A rating is not a recommendation to buy, sell or hold the notes
and may be subject to suspension, reduction or withdrawal at any
time.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy securities.
This announcement does not constitute nor form a part of any
offer or solicitation to purchase or subscribe for securities in
Singapore or elsewhere. The notes referred to herein have not been
and will not be offered or sold or be made the subject of an
invitation for subscription or purchase, whether directly or
indirectly, to any person in Singapore other than (i) to an
institutional investor (as defined in Section 4A of the Securities
and Futures Act (Chapter 289) of Singapore, as modified or amended
from time to time (the "SFA")) pursuant to Section 274 of the SFA,
(ii) to a relevant person (as defined in Section 275(2) of the SFA)
pursuant to Section 275(1) of the SFA, or any person pursuant to
Section 275(1A) of the SFA, and in accordance with the conditions
specified in Section 275 of the SFA or (iii) otherwise pursuant to,
and in accordance with the conditions of, any other applicable
provision of the SFA.
Notification under Section 309B(1)(c) of the SFA - In connection
with Section 309B of the SFA and the Securities and Futures
(Capital Markets Products) Regulations 2018 of Singapore (the "CMP
Regulations 2018"), the Issuer has determined, and hereby notifies
all relevant persons (as defined in Section 309A(1) of the SFA),
the classification of the notes as prescribed capital markets
products (as defined in the CMP Regulations 2018) and Excluded
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
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END
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