Issue of Debt

RNS Number : 1867M

Scottish & Southern Energy PLC

23 January 2009

 



SCOTTISH AND SOUTHERN ENERGY PLC

NEW FIVE-YEAR BOND ISSUE

Scottish and Southern Energy plc ('SSE') has today issued a five-year £700m sterling bond with a coupon of 5.75%.

This takes to £2.7bn the total new funding which SSE has secured since July 2008, comprising: four bonds and one five-year loan with an average rate of interest of 6.5%; and proceeds from the placing of 42 million new ordinary shares on 7 January 2009.  

Gregor Alexander, Finance Director of SSE, said:

'We retain an opportunistic approach to financing investment, examining all the options, and this has proved to be an effective strategy during the difficult market conditions being experienced by all borrowers since the credit crunch started to bite.  

'I am very pleased that this bond issue was twice over-subscribed, and that there was significant interest from retail investors, reflecting the broad appeal of SSE as a company with a strong balance sheet and an investment programme of strategic significance in the UK and Ireland.

'Through this latest bond issue, we have again enhanced our options for future investment and any possible acquisition opportunities that may arise.'

 

END

 

 

IODSEEFMDSUSESF