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
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
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
