Debt private placement

RNS Number : 0958R

Whitbread PLC

16 August 2010

 



Monday 16 August

Whitbread debt private placement

Whitbread PLC, the UK's largest hotel and restaurant company, has announced today that it has successfully concluded an issue of private placement notes with an equivalent sterling value of c.£102 million. The proceeds will be used to repay drawings under existing shorter-dated bank facilities.

The notes were issued in 3 series: $40 million 4.55%  maturing in 7 years, $75 million 5.23% maturing in 10 years and £25 million 5.19% maturing in 10 years. The US dollar notes have been swapped to sterling, and therefore effectively represent sterling loans at sterling interest rates.

In line with Whitbread's previously announced strategy, this placement is part of a process diversifying its sources of funding and lengthening the Group's debt maturities.

Some of the notes have been swapped to floating-rate form, as a result of which the blended sterling rate of interest on the notes is currently 3.8%, compared to the existing drawn bank facilities of 1.4%. These existing facilities are due to expire in 2012 and 2013.

Christopher Rogers, Group Finance Director said:

"We are pleased to have secured longer term debt financing on attractive terms for Whitbread. The strong demand we received from leading institutional investors in the UK and US clearly demonstrates their confidence in our track record of outperformance through the cycle."

Ends

For more information please contact:

Investor Relations

Christopher Rogers, Whitbread PLC           [phone]

Press Contacts

Tabitha Aldrich-Smith, Whitbread PLC       [phone]

David Allchurch, Tulchan                         [phone]

For photographs and video please visit our media library on www.whitbreadimages.co.uk

Notes to Editors:

Whitbread PLC is the UK's largest hotel and restaurant group operating market-leading businesses in the budget hotels and restaurant sectors.  Its well-loved brands are Premier Inn, Beefeater, Brewers Fayre, Table Table, Taybarns and Costa Coffee.

Whitbread PLC employs over 34,000 people and serves 10 million customers every month in over 2,000 outlets across the UK.

In the year ended 4 March 2010, Whitbread PLC reported a 7.5% increase in Group Revenue to £1,435.0 million and Underlying Profit before tax of £239.1 million up 6.6%.

Whitbread PLC is listed on the London Stock Exchange and is a constituent of the FTSE 100. It is also a member of the FTSE4Good Index.

 

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