Howden Group has completed the issuance of a US$690m bond that was an add-on to existing US$500m 8.125% Senior Notes due in 2032. The additional notes were issues at a premium and raised proceeds of approximately US$703m. Howden said the funding would support further growth.
Mark Craig, group chief investment officer, Howden, commented: “I’m delighted with the outcome and strong support from the capital markets. This successful transaction follows our high yield bond issue in February 2024.
“We received strong demand and priced the offering above par, benefitting from continued confidence among credit investors in Howden’s sustained performance and growth plans.”
As part of the transaction, Howden said it had reaffirmed its ratings with Moody’s – B2 – and S&P – B Stable – last month. The group said it had no material refinancing requirements until 2030.
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