Saga PLC Plans GBP250 Million Bond Issue, Tender Offer and Loan Repayment
June 22 2021 - 3:53AM
Dow Jones News
By Ian Walker
Saga PLC said Tuesday that it plans to raise 250 million pounds
($348.4 million) via a bond issue, launch a tender offer for up to
EUR100 million of existing bonds and repay a EUR70 million
loan.
The U.K. provider of specialized products for the over 50's said
the transactions, which are designed to boost its finances, are all
conditional upon each other.
Saga said it has hired banks to carry out roadshows for the
planned bond issue, which if it proceeds will be used to repay the
existing loan and for general corporate purposes.
The company is also inviting owners of its 3.375% bonds due 2024
to tender up to GBP100 million of bonds.
Shares at 0716 GMT were down 4.20 pence, or 1%, at 417.80
pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 22, 2021 03:38 ET (07:38 GMT)
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