Mobico Group PLC (formerly: National Express Group)

Capital/Financing Update • Oct 30, 2019

National Storage Mechanism | Additional information

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RNS Number : 6125R

National Express Group PLC

30 October 2019

30 October 2019

National Express Group PLC today announces signing of private placement 

National Express Group PLC today announces the signing of a private placement of US$ 509 million equivalent new senior unsecured notes. The issue will consist of 5 tranches of notes with maturities ranging between 7 and 12 years with similar covenants to existing facilities. The weighted average coupon of the fixed rate notes will equate to 1.92%. The debt will be denominated in US dollar, GBP and Euro. The issue was priced on 2 October 2019 and the agreement signed on 29 October 2019.  The notes will be issued at two closings in May 2020 and June 2020, subject to satisfaction of customary closing conditions.

The new private placement is being undertaken now to take advantage of attractive market conditions and will be used to repay the existing GBP225m bond and EUR250m floating rate note maturing in mid-2020. 

Commenting, Chris Davies, Group Finance Director said:

"This private placement transaction improves liquidity, debt refinancing risk and lender diversity over the medium term at an attractive blended fixed interest rate, and reflects the Group's ongoing pro-active management of its debt arrangements".

Enquiries to National Express:
Chris Davies, Group Finance Director	0121 460 8655
Louise Richardson, Head of Investor Relations	07827 807766

Legal Entity Identifier: 213800A8IQEMY8PA5X34

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