Grainger PLC ANNOUNCEMENT OF FIXED INCOME INVESTOR ROADSHOW (5504K)
11 April 2018 - 6:25PM
UK Regulatory
TIDMGRI
RNS Number : 5504K
Grainger PLC
11 April 2018
LEI: 2138007CEIRKZMNI2979
THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR
RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (OR TO U.S.
PERSONS), AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER
JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW
This announcement is released by Grainger plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 and has been announced in accordance
with Grainger plc's obligations under Article 17 of that
Regulation. For the purposes of MAR and Article 2 of Commission
Implementing Regulation (EU) 2016/1055, this announcement is made
by Adam McGhin, Company Secretary, at Grainger plc.
Grainger plc
ANNOUNCEMENT OF FIXED INCOME INVESTOR ROADSHOW MEETINGS AND
EXPECTED S&P CREDIT RATING
Grainger plc (the "Company"), the UK's largest listed
residential landlord, has mandated Barclays Bank plc, HSBC Bank plc
and The Royal Bank of Scotland plc (trading as NatWest Markets) as
joint active bookrunners to arrange a series of fixed income
investor meetings in London and Edinburgh commencing on 16(th)
April 2018. A sterling-denominated, Reg-S, fixed rate, senior,
guaranteed secured, benchmark transaction with expected maturity of
8 to 10 years (the "Bonds") may follow, subject to market
conditions. Any Bonds will be issued by the Company with a
standalone offering memorandum.
The Company expects Standard & Poor's Ratings Limited to
assign the Bonds an investment grade rating of BBB-.
The proposed Bond issuance is part of the Company's overall
financing initiatives to extend its debt maturity profile and
reduce its cost of debt. The net proceeds from the issue of the
Notes will be used to redeem the Existing Corporate Bond which
matures in 2020, pursuant to clause 7.4 of its terms, and for
general corporate purposes.
The manufacturer target market for the purpose of MIFID II
product governance is eligible counterparties and professional
clients only (all distribution channels). No PRIIPs key information
document (KID) has been prepared as the Bonds are not available to
retail in EEA.
This announcement is not an offer of the Bonds in the United
States or any other jurisdiction. Securities may not be offered or
sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the
"Securities Act").
This communication does not constitute an offer of the Bonds to
the public in the United Kingdom. This communication is being
distributed to and is directed only at (i) persons who are outside
the United Kingdom or (ii) persons who are investment professionals
within the meaning of Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and
(iii) high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of
the Order (all such persons together being referred to as "Relevant
Persons"). Any investment activity to which this communication
relates will only be available to and will only be engaged with,
Relevant Persons. Any person who is not a Relevant Person should
not act or rely on this document or any of its contents.
A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal at any
time.
This announcement is an advertisement and not a prospectus for
the purposes of Directive 2003/71/EC, as amended.
THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OR TO OR FOR THE ACCOUNT
OF U.S. PERSONS (EACH AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT ("REGULATION S")). THE BONDS HAVE NOT BEEN AND WILL
NOT BE REGISTERED IN THE UNITED STATES UNDER THE SECURITIES ACT,
AND MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES (AS
SUCH TERM IS DEFINED IN REGULATION S) OR TO OR FOR THE ACCOUNT OF
U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S) UNLESS THE
BONDS ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS
AVAILABLE.
FCA/ICMA stabilisation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 11, 2018 04:25 ET (08:25 GMT)
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