Private placement notes


The Group recently raised £175 million through the issue of new seven year US private placement notes. The Sterling denominated unsecured notes have a fixed rate coupon of 2.15% (representing a margin of 125bp over the relevant Gilt). The new issue priced on 22 February 2017, signed on 28 March 2017 and funded on 22 May 2017. The new notes were placed with eight new lenders to GPE, and have identical financial covenants to the Group’s £450 million revolving credit facility. The new notes refinanced £288 million of US private placement notes which had a blended fixed rate coupon of c.5.0% and were due to mature between 2018 and 2022.