Debt investors

New debt capital structure centred on a five year £250m bond

On 15 February 2024 Kier Group plc successfully completed the issuance of a five year £250m Bond (“Bond”) as part of a wider refinancing of the Group’s debt capital structure.

The Group intends to use the total gross proceeds on the Bond to make an offer of partial prepayment of its Private Placement Notes (“USPP”) and to reduce the Group’s existing Revolving Credit Facility (“RCF”). The Group expects to complete the USPP partial prepayment and RCF reduction on 21 February 2024, following which the Group’s committed debt funding will consist of*:

Facility	Amount	Maturity date
Bond	£250.0m	February 2029
RCF**	£260.9m	March 2027
USPP eq£***	£37.3m	January 2025

* based on 100% acceptance of the partial prepayment offer by USPP noteholders. Noteholders are not obliged to accept the early prepayment offer.
** on 31 January 2025 the RCF will reduce to £150m, where it will remain through to maturity.
*** based on a GBP:USD exchange rate of 1.27 and including the impact of cross currency derivative instruments “hedging”.

Debt investors

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