SERCO GROUP PLC

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Serco : New US Private Placement debt issued

10/09/2020 | 11:48am

Serco Group plc ('Serco' or 'the Group') has issued $200m (GBP154m) of US Private Placement loan notes. The notes have maturities of 5, 7, 10 and 12 years, with a weighted average maturity of nearly eight years. The financing has been completed in advance of existing US Private Placement debt maturing in 2021. The average interest rate on the new loan notes is fixed at 3.6%, which compares to a blended rate of 5.3% for the existing notes.

A strong capital structure is essential in providing a base for the ongoing execution of our strategy. We are therefore pleased to be able to secure long term debt at attractive interest rates. This is the first time Serco has accessed the US Private Placement market in more than seven years and was possible due to our low financial leverage and resilient business model.

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