Stock Exchange Announcements
Issue of Debt
Friday 12 September 2008
£300M BOND ISSUE
FirstGroup PLC is pleased to announce the successful launch of £300m 10-year bonds.
The Group has arranged for the proceeds to be initially swapped into fixed-rate US dollars at 6.9%. The proceeds will be used to repay existing debt, specifically a further portion of the Laidlaw acquisition term loan maturing in 2010.
Commenting on the issue, Nick Chevis, Acting Finance Director, said:
"We are pleased by the success of the launch which attracted a large number of orders from a wide range of institutions. This will be our third bond issue and we are delighted by the continuing support from fixed-income investors demonstrating the strength of the Group.
The launch represents further progression of our strategy to replace our shorter-dated acquisition debt in line with our refinancing forecasts."
The issue is expected to close on 19 September 2008.
FirstGroup Contacts:
Nick Chevis,
Acting Finance Director 020 7291 0512
Rachael Borthwick
Corporate Communications Director 020 7291 0508 / 07771 945432
Ian Weldon
Group Treasurer 01224 303530