Successful Issue of Notes

RNS Number : 0674U

Shanks Group PLC

08 October 2010

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR IN OR TO ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY JURISDICTION TO WHOM, SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

SHANKS GROUP PLC COMPLETES A SUCCESSFUL ISSUE OF NOTES TO RETAIL INVESTORS IN BELGIUM AND LUXEMBOURG

Shanks Group plc (the "Group"), Europe's largest listed independent waste management business, announces the closure of the subscription period for its five year 5.00 per cent. Guaranteed Notes due 22 October 2015 (ISIN: XS0544487837) (the "Notes"), which were offered to retail and other investors in Belgium and Luxembourg and were placed by BNP Paribas Fortis and KBC Bank NV.

The offer period was shortened and terminated on 7 October 2010. The aggregate nominal amount of the Notes to be issued on 22 October 2010 will be €100m, double the expected minimum amount of €50m. The net proceeds of the issue will be approximately €100m.

The issue of the Notes extends the maturity of the Group's funding and the net proceeds of the issue will be used to repay bank debt.

Tom Drury, Group Chief Executive of Shanks Group plc, commented:

"I am very pleased to announce the successful completion of the bond offering, which we believe was the first by a UK company in the Belgian market. Shanks has a strong presence in Belgium and we are encouraged by the excellent response that we have received from retail investors, achieving subscriptions for over double our minimum requirement. This innovative offering provides flexible longer term funding in the currency that we require, and is in line with our objective of securing long-term financing to support our long-term growth."

For further information contact:

Tulchan Communications Group Ltd                               [phone]

John Sunnucks

David Allchurch

 

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