Inchcape PLC Bond Offering (5588B)
June 05 2023 - 2:00AM
UK Regulatory
TIDMINCH
RNS Number : 5588B
Inchcape PLC
05 June 2023
05 June 2023
Inchcape plc announces pricing for new Bond Offering
Inchcape plc ("Inchcape"), the leading global automotive
distributor, announces that on 2(nd) June 2023 it priced its new
GBP350m bond offering. The bonds mature in June 2028, have a coupon
of 6.5% and are expected to be rated Baa2 by Moody's.
Proceeds from the offering will be used to repay the Group's
existing Bridge Facility, which helped to fund the acquisition of
Derco, the initial term for which expires at the end of FY
2023.
Adrian Lewis, Group CFO, commented:
"We are pleased with the success of our debut public bond issue,
which ensures that Inchcape can maintain a stable, long term
capital structure to support our future investment in growth. The
high level of interest shown by investors across Europe emphasizes
their confidence in our differentiated market position, our strong
financial profile and our exciting growth prospects."
Contacts
Inchcape plc:
Rob Gurner Investor queries +44 (0)7825 189088 investors@inchcape.com
Krishma Arora
Media enquiries (Brunswick
Group):
Kate Holgate / Helen +44 (0)20 7404 inchcape@brunswickgroup.com
Smith 5959
About Inchcape
Inchcape is the leading global automotive distributor, with
operations across six continents. Through the unique expertise of
our people, our suite of cutting-edge technology products, and our
approach to advanced data analytics, we provide the platform for
the world's leading mobility companies to accelerate their
ambitions in markets where we and our partners want to succeed.
Our distribution platform connects the products of mobility
companies with customers, and our responsibilities span from
product planning and pricing, import and logistics, brand and
marketing to operating digital sales, managing physical sales and
aftermarket service channels.
Inchcape is driven by its purpose of 'bringing mobility to the
world's communities, for today, for tomorrow and for the better'.
We are committed to making a positive contribution to the
communities in which we operate, for our people, for society and
for the planet. The Group is headquartered in London and employs
around 19,000 people globally.
www.inchcape.com
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