By Lisa Kerner
Charlotte, N.C., April 28 - FirstGroup plc sold 4.26% loan notes to Pricoa Capital Group in a private placement for $150 million.
The notes have an average duration of six years, according to a company news release.
Proceeds will be used to reduce bank debt.
The terms are similar to the $1.25 billion five-year committed bank revolver facility FirstGroup executed in December.
"Further to the group's successful bank refinancing in December 2010, this private placement transaction further improves debt refinancing risk, liquidity headroom and debt diversity over the medium term, at an attractive fixed interest rate, and reflects the group's ongoing proactive management of its debt arrangements," FirstGroup finance director Jeff Carr said in the release.
FirstGroup is a passenger transport group based in Aberdeen, Scotland.
| Issuer: | FirstGroup plc
|
| Issue: | Fixed-rate loan notes
|
| Amount: | $150 million
|
| Maturity: | Average of six years
|
| Coupon: | 4.26%
|
| Investor: | Pricoa Capital Group
|
| Settlement date: | April 28
|
| Distribution: | Private placement
|
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