Serco sells $200 million private placement loan notes in four parts

By Devika Patel

Knoxville, Tenn., Oct. 9 – Serco Group plc issued $200 million of private placement loan notes in four tranches with a weighted average maturity of nearly eight years and an average interest rate of 3.6%, which compares to a blended rate of 5.3% for the company’s existing notes, according to a market announcement.

The notes have maturities of five, seven, 10 and 12 years.

“This is the first time Serco has accessed the U.S. private placement market in more than seven years and was possible due to our low financial leverage and resilient business model,” the company stated in the announcement.

Based in Hook, Hampshire, England, the company operates in Health, Transport, Justice, Immigration, Defence, and Citizens Services.

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