THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
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26 May 2023
Inchcape plc ("Inchcape"), the leading global automotive distributor, today announces that it plans to issue a GBP Public Benchmark Bond, subject to market conditions. Proceeds from the bond offering will be used to re-finance the Group's existing bridge facility, which helped to fund the acquisition of Derco, the initial term for which expires at the end of FY 2023.
Inchcape has mandated BNP Paribas and MUFG as Global Co-ordinators, with NatWest Markets and Santander as Joint Active Bookrunners. Investor marketing for the bond offering is expected to commence on 30 May 2023, with pricing for the offering expected to be announced thereafter.
In addition, Inchcape has today been assigned a debut public investment grade rating by Moody's of Baa2 (stable). Inchcape's credit profile benefits from the Group's leading market position, long-standing global relationships, strong balance sheet and cash-generating capabilities.
"Our proposed new GBP Public Benchmark Bond Offering will support our stable, long term capital structure, which complements the underlying cash generation of the Group, as we continue to drive future investment in growth through acquisitions. In addition, we are delighted to have obtained a strong debut public investment grade rating of Baa2 (stable) from Moody's, which reflects our strong track record of delivery, our differentiated market position and our compelling growth strategy."
Inchcape plc: |
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Rob Gurner |
Investor queries |
+44 (0)7825 189088 |
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Krishma Arora |
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Media enquiries(Brunswick Group): |
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Kate Holgate / Helen Smith |
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+44 (0)20 7404 5959 |