Private Placing of US$700m

RNS Number : 4849X

SSE PLC

15 February 2012

 



SSE plc

Private placement of US$700m

SSE has completed a private placement of senior notes with 22 US-based investorsfor a total consideration of US$700m (equivalent to around £450m). The senior notes consist of four tranches with maturities of 5, 7, 10, and 12 years, with a weighted average maturity of 10.3 yrs, and an all-in funding cost of c.4.25% once swapped to Sterling.

All agreements are subject to final documentation which is expected to be completed by mid-April. The net proceeds will be used to refinance short term debt and fund SSE's capital programme.

Gregor Alexander, Finance Director at SSE said: "This placement is a further example of SSE diversifying its funding sources and putting in place medium to long term funding, at attractive rates, which supports our large capital programme of £1.5bn to £1.7bn a year out to 2015."

 

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