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Workspace completes private placement of £200m

28 July 2017 09:13

Workspace Group (WKP) has priced a £200m private placement comprised of £80m eight-year notes and £120m 10-year notes.

The new notes will be placed with eight UK and US institutional investors, including four new lenders to Workspace.

The proceeds will be used to fund the group's investment plans. The private placement, together with the additional £100m five-year revolver facility provided by the group's bank lending syndicate in June 2017, will increase the group's debt facilities to £665m.

Graham Clemett, chief financial officer of Workspace, said: "We are delighted with investor appetite for this private placement issue, a strong endorsement of the group's business strategy and investment plans. The new notes will enable us to capitalise on current low interest rates, secure longer term funding for the group at a low cost, and put us in a strong liquidity position."

At 9:13am: (LON:WKP) Workspace Group Plc share price was -13.25p at 915.75p

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