US $70,000,000 Senior Notes
Date : 15 December 1997
Serco Group plc has completed a private placement of US$70,000,000 ten year Senior Notes. The placement has been effected to provide financing for the Group's investments under the UK's Private Finance Initiative and to re-finance acquisitions made during 1997. The Notes were purchased by a group of U.S. insurance companies.
The senior loan notes, which are issued by Serco Group plc and are unsecured, have a coupon of 6.81% payable semi-annually and are repayable in full in December 2007.
Commenting on the private placement, Dr George Gray, Chairman of the Group said, "I am delighted that we have been able to issue debt securities into the US private placement market in order to provide a new source of long term-capital to finance the continued expansion of our business in the United Kingdom and internationally".
Greenwich NatWest, a division of NatWest Markets, acted for Serco Group plc in this transaction.
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