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Railhub Archive
1997-10-21 RTK-001
Railtrack plc0
Railtrack PLC: issue of £300 million fixed rate bonds 2022
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  Railtrack PLC: issue of £300 million fixed rate bonds 2022
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date 21 October 1997
source Railtrack plc
type Press release
Railtrack PLC ("Railtrack") announced today that it has launched an issue of £300 million fixed rate Bonds 2022 (the "Bonds"). The Bonds are being underwritten by BZW and HSBC Markets together with a syndicate of banks.
The net proceeds of the issue will be used to begin the refinancing of the company’s Revolving Credit Facility which was put in place at the time of privatisation.
Norman Broadhurst, Finance Director of Railtrack commented: "I am delighted with the reception given by the markets to this benchmark issue".
The coupon on the Bonds has been set at 7.375 per cent per annum and the issue price at 99.001 per cent to give an effective yield to investors of 7.33 per cent, equivalent to a margin of 78 basis points over the gross redemption yield on eight per cent. Treasury Stock 2021. Interest on the Bonds will be payable annually in arrear on 18 November and the Bonds will be repayable in full on 18 November 2022.
Application has been made to the London Stock Exchange for admission of the Bonds to the Official List. It is expected that listing will be granted and that official dealings will commence on 18 November 1997.
Railhub Archive ::: 1997-10-21 RTK-001
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