Optional Redemption of remaining High Yield Bonds
Posted 07 February 2008Optional Redemption of remaining High Yield Bonds
Invensys plc announces that it is today giving notice to the holders of its remaining High Yield Bonds that it is exercising its Optional Redemption right and will redeem all of the outstanding Bonds on 17 March 2008.
The remaining High Yield Bonds comprise US$177,092,000 aggregate principal amount of 9.875% Senior Notes due March 2011 and €345,150,000 aggregate principal amount of 9.875% Senior Notes due March 2011. The redemption price amounts to 104.938% of principal amount, totalling approximately £360 million at 31 December 2007 exchange rates, and will be paid out of existing cash balances.
The Optional Redemption will give rise to a premium of around £17 million which will be charged as an exceptional finance cost in the Group’s 2007/08 Q4 results. In addition, existing capitalised fees and costs of £6 million will be written off as an exceptional finance cost in that period.
Contact:
| Invensys plc | Steve Devany | tel: +44 (0) 20 7821 3758 |
| Kate Elliott | tel: +44 (0) 20 7821 2121 | |
| Financial Dynamics | Andrew Lorenz | |
| Richard Mountain | tel: +44 (0) 20 7269 7121 |