By Lisa Kerner
Charlotte, N.C., Aug. 16 - Whitbread plc completed the private placement of notes with an equivalent sterling value of £102 million, according to a company news release.
The notes were issued in three series: $40 million of 4.55% notes maturing in seven years, $75 million of 5.23% notes maturing in 10 years and £25 million of 5.19% notes maturing in 10 years.
Whitbread said the dollar notes have been swapped to sterling, effectively representing sterling loans at sterling interest rates.
Some of the notes have been swapped to floating-rate form. As a result, the blended sterling interest rate on the notes is currently 3.8%, compared with 1.4% on the company's existing drawn bank facilities, the release said.
Proceeds will be used to repay drawings under existing shorter-dated bank facilities.
The placement is part of Whitbread's strategy to diversify its sources of funding and lengthen debt maturities.
Whitbread is a hotel and restaurant group based in Dunstable, England.
| Issuer: | Whitbread plc
|
| Issue: | Notes
|
| Total Amount: | £102 million
|
| Distribution: | Private placement
|
|
|
| First tranche
|
| Amount: | $40 million
|
| Maturity: | Seven years
|
| Coupon: | 4.55%
|
|
|
| Second tranche
|
| Amount: | $75 million
|
| Maturity: | 10 years
|
| Coupon: | 5.23%
|
|
|
| Third tranche
|
| Amount: | £25 million
|
| Maturity: | 10 years
|
| Coupon: | 5.19%
|
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