Inchcape PLC Bond Offering (5588B)

TIDMINCH

RNS Number : 5588B

Inchcape PLC

05 June 2023

05 June 2023

Inchcape plc announces pricing for new Bond Offering

Inchcape plc ("Inchcape"), the leading global automotive distributor, announces that on 2(nd) June 2023 it priced its new GBP350m bond offering. The bonds mature in June 2028, have a coupon of 6.5% and are expected to be rated Baa2 by Moody's.

Proceeds from the offering will be used to repay the Group's existing Bridge Facility, which helped to fund the acquisition of Derco, the initial term for which expires at the end of FY 2023.

Adrian Lewis, Group CFO, commented:

"We are pleased with the success of our debut public bond issue, which ensures that Inchcape can maintain a stable, long term capital structure to support our future investment in growth. The high level of interest shown by investors across Europe emphasizes their confidence in our differentiated market position, our strong financial profile and our exciting growth prospects."

Contacts

 
Inchcape plc: 
Rob Gurner                  Investor queries  [phone]  [e-mail] 
Krishma Arora 
 
Media enquiries (Brunswick 
 Group): 
Kate Holgate / Helen                          [phone]      [e-mail] 
 Smith                                         5959 
 

About Inchcape

Inchcape is the leading global automotive distributor, with operations across six continents. Through the unique expertise of our people, our suite of cutting-edge technology products, and our approach to advanced data analytics, we provide the platform for the world's leading mobility companies to accelerate their ambitions in markets where we and our partners want to succeed.

Our distribution platform connects the products of mobility companies with customers, and our responsibilities span from product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.

Inchcape is driven by its purpose of 'bringing mobility to the world's communities, for today, for tomorrow and for the better'. We are committed to making a positive contribution to the communities in which we operate, for our people, for society and for the planet. The Group is headquartered in London and employs around 19,000 people globally.

www.inchcape.com

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June 05, 2023 02:00 ET (06:00 GMT)