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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