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Mitie Group negotiates £120 million notes with delayed funding
By Marisa Wong
Los Angeles, Nov. 5 – Mitie Group plc has agreed on terms with Pricoa Private Capital and NYL Investors LLC for the issuance of £120 million of U.S. private placement notes, according to a press release.
The new notes will be formally issued under a delayed funding arrangement in December 2022, avoiding any overlap with the existing £121.5 million of notes that mature in December 2022.
The new notes are split equally between eight-, 10- and 12-year maturities and will be issued at an average coupon of 2.94%, significantly below the current coupon.
“This is the final step in our refinancing strategy, having secured an investment grade credit rating in June and refinanced our revolving credit facility in September,” chief financial officer Simon Kirkpatrick commented in the release.
Mitie is a facilities management company based in London.
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