https://financialpost.com/pmn/business- ... sky-buyout
(The article is safe to visit, but it has a lot of copy-and-paste tricks to mess up posting to third-party websites.)
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Royal Mail Owner IDS Eyes First Bonds Since Kretinsky Buyout
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Royal Mail Owner IDS Eyes First Bonds Since Kretinsky Buyout
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Re: royal-mail parent ids plans- first bonds-since kretinsky buyout
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Re: royal-mail parent ids plans- first bonds-since kretinsky buyout
(Bloomberg) — International Distribution Services Ltd., which operates the UK’s Royal Mail postal service, is planning to raise two benchmark-sized euro bonds in its first debt sale since being bought by Czech billionaire Daniel Kretinsky.
Article content
The bonds with four and seven-year maturities will be issued by IDS Financing Plc following investor meetings starting Sept. 22, according to a person familiar with the matter, who asked not to be identified.
The firm plans to use some of the proceeds for a loan to its shareholder, called EP UK BidCo Ltd., that would be used for a refinancing. Some of the funding would go to loans for other parts of the company and general corporate purposes as well, the person said.
An IDS Spokesperson confirmed the bond sale plans and said the notes “will facilitate refinancing of its existing corporate debt” and “will reduce the interest rate for the company and allow IDS to continue to deliver on its strategic priorities.”
Article content
Kretinsky’s EP Group had its £3.6 billion takeover of IDS approved by the UK government in December, making commitments to respect Royal Mail’s obligation to deliver letters and parcels to every part of the UK, and not to change the postal service’s ownership for at least three years.
His wealth originates from energy group EPH while his business empire includes stakes in French food retailer Casino Guichard Perrachon SA, German industrial group Thyssenkrupp AG’s steel unit with his business empire spanning European countries and sectors.
Who Is Czech Dealmaking Billionaire Daniel Kretinsky?: QuickTake
The notes will be guaranteed by IDS and General Logistics Systems B.V., and include a provision that increases the coupon by 125 basis points if the rating falls below investment grade. If the investment-grade rating is restored, the coupon goes back to its original level.
BNP Paribas SA, Citigroup Inc., Crédit Agricole SA, Intesa Sanpaolo SpA, Societe Generale SA and UniCredit SpA are joint bookrunners for the offering. Citigroup is coordinating logistics for the investor meetings.
(Updates with company spokesperson comment and additional details)
Article content
The bonds with four and seven-year maturities will be issued by IDS Financing Plc following investor meetings starting Sept. 22, according to a person familiar with the matter, who asked not to be identified.
The firm plans to use some of the proceeds for a loan to its shareholder, called EP UK BidCo Ltd., that would be used for a refinancing. Some of the funding would go to loans for other parts of the company and general corporate purposes as well, the person said.
An IDS Spokesperson confirmed the bond sale plans and said the notes “will facilitate refinancing of its existing corporate debt” and “will reduce the interest rate for the company and allow IDS to continue to deliver on its strategic priorities.”
Article content
Kretinsky’s EP Group had its £3.6 billion takeover of IDS approved by the UK government in December, making commitments to respect Royal Mail’s obligation to deliver letters and parcels to every part of the UK, and not to change the postal service’s ownership for at least three years.
His wealth originates from energy group EPH while his business empire includes stakes in French food retailer Casino Guichard Perrachon SA, German industrial group Thyssenkrupp AG’s steel unit with his business empire spanning European countries and sectors.
Who Is Czech Dealmaking Billionaire Daniel Kretinsky?: QuickTake
The notes will be guaranteed by IDS and General Logistics Systems B.V., and include a provision that increases the coupon by 125 basis points if the rating falls below investment grade. If the investment-grade rating is restored, the coupon goes back to its original level.
BNP Paribas SA, Citigroup Inc., Crédit Agricole SA, Intesa Sanpaolo SpA, Societe Generale SA and UniCredit SpA are joint bookrunners for the offering. Citigroup is coordinating logistics for the investor meetings.
(Updates with company spokesperson comment and additional details)