Grainger PLC ANNOUNCEMENT OF FIXED INCOME INVESTOR ROADSHOW (5504K)

TIDMGRI

RNS Number : 5504K

Grainger PLC

11 April 2018

LEI: 2138007CEIRKZMNI2979

THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (OR TO U.S. PERSONS), AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

This announcement is released by Grainger plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 and has been announced in accordance with Grainger plc's obligations under Article 17 of that Regulation. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Adam McGhin, Company Secretary, at Grainger plc.

Grainger plc

ANNOUNCEMENT OF FIXED INCOME INVESTOR ROADSHOW MEETINGS AND EXPECTED S&P CREDIT RATING

Grainger plc (the "Company"), the UK's largest listed residential landlord, has mandated Barclays Bank plc, HSBC Bank plc and The Royal Bank of Scotland plc (trading as NatWest Markets) as joint active bookrunners to arrange a series of fixed income investor meetings in London and Edinburgh commencing on 16(th) April 2018. A sterling-denominated, Reg-S, fixed rate, senior, guaranteed secured, benchmark transaction with expected maturity of 8 to 10 years (the "Bonds") may follow, subject to market conditions. Any Bonds will be issued by the Company with a standalone offering memorandum.

The Company expects Standard & Poor's Ratings Limited to assign the Bonds an investment grade rating of BBB-.

The proposed Bond issuance is part of the Company's overall financing initiatives to extend its debt maturity profile and reduce its cost of debt. The net proceeds from the issue of the Notes will be used to redeem the Existing Corporate Bond which matures in 2020, pursuant to clause 7.4 of its terms, and for general corporate purposes.

The manufacturer target market for the purpose of MIFID II product governance is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Bonds are not available to retail in EEA.

This announcement is not an offer of the Bonds in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act").

This communication does not constitute an offer of the Bonds to the public in the United Kingdom. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

This announcement is an advertisement and not a prospectus for the purposes of Directive 2003/71/EC, as amended.

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS (EACH AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S")). THE BONDS HAVE NOT BEEN AND WILL NOT BE REGISTERED IN THE UNITED STATES UNDER THE SECURITIES ACT, AND MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S) OR TO OR FOR THE ACCOUNT OF U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S) UNLESS THE BONDS ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.

FCA/ICMA stabilisation.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 11, 2018 04:25 ET (08:25 GMT)