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FirstGroup to redeem £325 million 5.25% bonds due November 2022
By Rebecca Melvin
Concord, N.H., Aug. 31 – FirstGroup plc announced that it will fully redeem its outstanding £325 million 5.25% bonds due November 2022 (ISIN: XS0859438557) on Sept. 17.
The repurchase price will be the higher of par or par plus 20 basis points over the Treasury Gilt due March 2022.
Following redemption, the bonds will be canceled.
The early redemption is part of a reorganization plan that also included signing a new £300 million four-year, sustainability-linked revolving credit facility, which replaces FirstGroup’s former syndicated and bilateral banking facilities.
The group also recently repaid Covid relief government financing as well as all of its private placement debt. Its £200 million 6.875% bonds due September 2024 are not affected and remain outstanding.
FirstGroup is a passenger transport group based in Aberdeen, Scotland.
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