SSP launches $175m corporate bond issue to help repay debt
Source - SMW
Airport and train-station convenience store chain SSP Group launched a $175m US bond offer to pay down existing debt.
The private placement notes would be issued in October in five series maturing between 2025 and 2028.
Proceeds would be largely used for the repayment of existing indebtedness, with any remainder being used for general corporate purposes, SSP said.
The issue would also allow the company to diversify its sources of debt financing and extend its debt maturity profile out to 2030.
The five series include $40m at 4.35%, maturing in October 2025; $40m at 4.50%, maturing in October 2028, $40m at 4.60%, maturing in October 2030, £21m at 2.85% maturing in October 2025 and £21m at 3.06% maturing in October 2028.