National Express takes $500m-equivalent US PPs across three currencies

Traffic Lights
By Silas Brown
09 Oct 2019

UK coach operator National Express has sold roughly $500m-equivalent US private placements, in dollars, euros and sterling, with substantial delayed draws.

There are seven, 10 and 12 year euro tranches, and seven year dollars and sterling, according to two sources familiar with the deal.

NatWest Markets and ING arranged the transaction, holding roadshows in mid-September in London and the United States for an initial size of roughly $250m.

National ...

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