BALFOUR BEATTY COMPLETES REPAYMENT OF £253M BOND

RNS Number : 3036J

Balfour Beatty PLC

04 December 2018

 

News Release

04 December 2018

BALFOUR BEATTY COMPLETES REPAYMENT OF ITS £253 MILLION CONVERTIBLE BOND

Balfour Beatty, the international infrastructure group, today announces that it has completed the repayment of its £252.7 million convertible bond from available cash resources within the Group. 

As a result of the repayment, Balfour Beatty has now paid down 45% of its gross debt in the last 12 months.      

ENDS

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Notes to editors:

·      Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group. With 28,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.

·      Our main geographies are the UK & Ireland, US and the Far East. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.

·      Balfour Beatty Finance No2 Limited £252,700,000 1.875 per cent Guaranteed Convertible Bonds due 2018 ISIN XS0994825916. The £252.7 million Guaranteed Convertible Bonds were issued by Balfour Beatty Finance No.2 Limited, a wholly-owned subsidiary of Balfour Beatty plc, on 3 December 2013. The Convertible Bonds were guaranteed by Balfour Beatty plc. The Convertible Bonds did not convert in the five year period and matured on 3 December 2018. The initial conversion price was £3.6692 per Ordinary Share (35% premium). The Convertible Bonds bore interest at the rate of 1.875 per cent per annum payable semi-annually in arrears on 3 June and 3 December each year.  

 

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