Pearson PLC Bond Tender Offer by Pearson Funding Five plc
March 06 2019 - 6:04AM
Dow Jones News
TIDMPSON
RNS Number : 0390S
Pearson PLC
06 March 2019
Bond tender offer for up to EUR75m of EUR500m 1.875% Notes due
2021 issued by Pearson Funding Five plc and extension of Pearson
plc bank facility
6 March 2019
The company is announcing today that its subsidiary company
Pearson Funding Five Plc is launching a tender offer for up to
EUR75m of its EUR500m 1.875 per cent. Notes due 2021, guaranteed by
Pearson (ISIN: XS1068765418), of which EUR250m currently remain
outstanding.
Pearson plc has announced that it has successfully refinanced
its bank facility, with a new $1.19bn Revolving Credit Facility,
due to mature in February 2024.
The transactions seek to:
1. Extend the maturity of the group's debt, extending the
maturity of the Revolving Credit Facility from 2021 to 2024 and
reduce the bond debt maturing in 2021 from EUR250m;
2. Optimise the balance between term bond debt and revolving
bank debt, given that the latter is more flexible and can be varied
according to the seasonality of the business.
Coram Williams, CFO of Pearson said, "I am pleased to announce
the successful refinancing of our bank facility to 2024 and the
launch today of a tender offer for up to EUR75m of our EUR500m bond
due in 2021. These transactions, together with the improvement of
our credit rating outlook by Moody's to stable this week, mark
further progress in the strengthening of our balance sheet, which
has seen us reduce bond debt by over $2.5bn since January
2017."
Bank facility transaction details
The transaction was co-ordinated by Bank of America Merrill
Lynch and Barclays Bank Plc (also acting as facility agent), with
BNP Paribas acting as advisor on the sustainability element of the
loan. Other Mandated Lead Arrangers included ANZ bank, Citibank,
HSBC, JP Morgan, MUFG bank and TD bank.
About Pearson
Pearson is the world's learning company, with expertise in
educational courseware and assessment, and a range of teaching and
learning services powered by technology. Our mission is to help
people make progress in their lives through learning. We believe
that learning opens up opportunities, creating fulfilling careers
and better lives. For more, visit: www.pearson.com/corporate.
Contacts
Jo Russell, Tom Waldron, Anjali +44 (0) 207 010
Investor Relations Kotak 2310
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Media Tom Steiner 2310
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+44 (0) 7525
Treasury James Kelly 679 788
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Charles Pretzlik, Nick Cosgrove, +44 (0) 207 404
Brunswick Simone Selzer 5959
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END
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