REG - IG Group Hldgs plc - Comprehensive debt refinancing

IG groupAnnouncement

12/11/2021 07:05

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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                      +44 20 7896 0011

 Aurelia Gibbs

 cosec@ig.com (mailto:cosec@ig.com)
                                               +44 20 7573 0742

 Investor Relations contact

 Richard Heading

 investors@ig.com (mailto:investors@ig.com)

 IG Group Press                                +44 20 7573 0060

 Ramon Kaur

 press@ig.com (mailto:press@ig.com)

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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