Jardine Lloyd Thompson completes issue of private placement loan notes
Jardine Lloyd Thompson Group (JLT), an international group of risk specialists and employee benefits consultants, has announced the completion of a 250m dollar issue of private placement loan notes with institutional investors.
Jardine Lloyd Thompson Group (JLT), an international group of risk specialists and employee benefits consultants, has announced the completion of a 250m dollar issue of private placement loan notes with institutional investors.
The proceeds of the placement, which was "significantly oversubscribed", will be used to refinance existing shorter term borrowings under the group's revolving credit facilities with its relationship banks.
The firm said the notes were issued by its wholly-owned subsidiary, JIB Group, mainly to existing investors and consist of $40m seven year notes with a coupon of 3.21%, $140m 10-year notes with a coupon of 3.78%, and $70m 12-year notes with a coupon of 3.93%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Michael Reynolds, Group Finance Director said: 'We are delighted with the success of this transaction and with the positive response from our investors, which reflects the continued strength of JLT's business and credit profile.
"This second private placement issue further demonstrates the confidence of our debt investors in JLT and secures additional committed longer-term funding for the Group. This provides additional headroom and flexibility to support our ongoing growth as we continue to implement our strategy."
The share price dipped 0.51% to 783p by 08:34.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published