# IG Group Holdings complete comprehensive debt refinancing exercise

- Link: https://www.directorstalkinterviews.com/ig-group-holdings-complete-comprehensive-debt-refinancing-exercise/4121033058
- Published: 2021-11-12T07:52:15+00:00
- Author: Giles

**IG Group Holdings plc** (LON:IGG), a global leader in online trading, has today
announced 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”.

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