ANGEL TRAINS ANNOUNCES A £400m BENCHMARK BOND ISSUE
31 March 2011
Angel Trains Group, through its subsidiary The Great Rolling Stock Company Limited, has issued a £400m long-term amortising bond as part of its debt management programme.
It was issued under the Group’s Euro Medium Term Note Programme and has a 20-year legal maturity, with a 15-year weighted average life.
The proceeds from this issuance – which follows the successful £800m two-tranche transaction last year – will be used to partially refinance the existing senior bank debt and provides Angel Trains Group with a stable, long-term financial base.
The existing bank debt was put in place when a consortium of infrastructure investors and managed pension funds bought Angel Trains Group from The Royal Bank of Scotland (RBS) in August 2008.
Goldman Sachs International acted as sole financial advisor on the debt refinancing, and the transaction was executed by BNP Paribas, Lloyds Bank Corporate Markets, RBC Capital Markets and The Royal Bank of Scotland (also sole arranger of the programme).
George Lynn, chief financial officer of Angel Trains Group, said: “We are delighted to be able to issue this bond, particularly given recent volatile corporate market conditions.
“The successful issue, significantly oversubscribed, is testament to the robust credit profile and strong operating performance of Angel Trains Group.
“The issue is a key part of our long-term debt management programme and strengthens the company by diversifying our sources of finance and our debt maturity profile.”
Malcolm Brown, chief executive officer of Angel Trains Group, added: “This helps Angel Trains Group maintain a strong financial platform from which we can continue to play an active role in the rail industry.”
For further information:
Angel Trains: Jenny Wilkinson/Phil Reed, Brass PR, 0113 220 0661
j.wilkinson@brassagency.com/p.reed@brassagency.com
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY OR A SOLICITATION OF AN OFFER TO SELL NOTES IN THE INVITATION WILL NOT BE ACCEPTED FROM NOTEHOLDERS IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL.
The distribution of this announcement is restricted by law in certain jurisdictions. Persons into whose possession this announcement and comes are required to inform themselves of and to observe any of these restrictions. This announcement may not be used in connection with, an offer to buy Notes or a solicitation to sell Notes by anyone in any jurisdiction in which such an offer or solicitation is not authorised or in which the person making such an offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make an offer None of the Company or the Dealer Managers accept any responsibility for any violation by any person of the restrictions applicable in any jurisdiction.
The securities mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offer of the securities in the United States.