UBM news releases
UBM plc announces repayment of £75m Floating Rate Reset Bonds due 2028
Sep 26, 2011
UBM plc has redeemed the £75m Floating Rate Reset Bonds issued in September 2008 (the “Bonds”) effective today.
As provided under their terms, UBM has also paid the fair market value of the options associated with the Bonds, totalling £19.1m. This mark to market value will be reflected as an exceptional financing charge in the 2011 results. The Bonds and the option value (a total of £94.1m) have been repaid with the proceeds of a drawdown under UBM’s £300m 2016 Revolving Credit Facility and existing group cash resources.
As a result, net interest expense for 2011 will be reduced by approximately £1m from previous management guidance, with proportionate reductions expected in future periods.
– Ends –