Comprehensive debt refinancing

Source: RNS
RNS Number : 1650S
IG Group Holdings plc
12 November 2021
 

 

 

IG Group Holdings plc

12 November 2021

 

 

 

 

IG GROUP HOLDINGS PLC

 

Comprehensive debt refinancing

 

IG Group Holdings plc ("IG", "the Group", "the Company"), a global leader in online trading, is pleased to announce the successful completion of a comprehensive debt refinancing exercise and implementation of a long term funding structure.

 

These important steps will:

·    give IG additional, significant levels of liquidity, to further support the Group's strategic growth ambitions;

·    lengthen the maturity of the debt facilities, enhancing IG's financial flexibility; and

·    provide material headroom within our total facilities.

 

The refinancing involves:

 

·   the issue of £300,000,000, 3.125% senior unsecured bonds due 2028, expected BBB- by Fitch Ratings, which were priced yesterday.  This inaugural issuance for the Company attracted strong investor demand, enabling us to tighten pricing and increase its size from initial indications.

 

·   a new £300,000,000 committed revolving credit facility (RCF), with an initial maturity of three years.  Importantly, the Company has the ability to request an increase in the RCF size to £400,000,000, and to request two maturity extensions of one year each, all subject to bank approval. 

 

·   the repayment and cancellation of the Company's existing £125m RCFs and £250m term loan facilities.

  

Following this exercise, total available credit facilities have risen from £375m to £600m with the potential to rise to £700m, if the new RCF is increased in size.

 

Joint Bookrunners on the bond issue were Barclays, HSBC, Lloyds and NatWest, who also provided the new revolving credit facility. IG Group was advised by Rothschild & Co.

 

Charlie Rozes, Chief Financial Officer, IG Group said: 

 

"This comprehensive refinancing puts in place a long term funding structure that provides the Group with a balanced mix of senior debt arrangements with attractive maturities. This will enable the Board to continue to pursue its value-enhancing strategic objectives with confidence, while at the same time managing our risks by strengthening our capital base and liquidity position. We welcome our bondholders as new stakeholders in the business, and are very grateful to our relationship banks for their continued support".

 

 

 

- Ends -

For further information, please contact:

 

Deputy Company Secretary

Aurelia Gibbs               

cosec@ig.com

+44 20 7896 0011

 

Investor Relations contact

Richard Heading    

investors@ig.com

 

+44 20 7573 0742

IG Group Press

Ramon Kaur              

press@ig.com

 

+44 20 7573 0060

About IG

IG Group has been at the forefront of trading innovation since 1974. Since then, we've evolved into a global fintech company incorporating the IG, tastytrade, IG Prime, Spectrum, Nadex and DailyFX brands, with a presence in Europe, North America, Africa, Asia-Pacific and the Middle East.

Our award-winning products and platforms empower ambitious people the world over to unlock opportunities around the clock, giving them access to over 19,000 financial markets. Today, more than 400,000 clients call IG Group home.

IG Group Holdings plc is an established member of the FTSE 250 and holds a long-term investment grade credit rating of BBB- with a stable outlook from Fitch Ratings.

 

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