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FUTR

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Future plc Announces £300 Million Debut Sterling Bond Issue

Why we think this is good

The announcement of Future plc's successful £300 million debut sterling unsecured bond issue is a positive development for the company. The bond enhances the company's access to debt markets, lengthens its maturity profile, and provides long-term financing that aligns with its capital allocation policy. The competitive pricing demonstrates the strength of the business. While this is not a transformational event, it should have a positive impact on the company's financial position and flexibility.

Key Points

  • Future plc has successfully launched and priced a £300 million 5-year unsecured bond
  • The bond will mature in 2030 and pay a coupon of 6.75%
  • S&P and Moody's have assigned BB+ and Ba2 ratings respectively to the bond
  • The net proceeds will be used for general corporate purposes, including to refinance the group's Export Development Guarantee facility and repay amounts drawn under the group's revolving credit facilities
  • The company has also successfully refinanced its revolving credit facility, with a new £300 million facility issued on substantially the same terms as the existing facility

Summary

The global platform for specialist media has successfully launched a £300 million 5-year unsecured bond, enhancing its access to debt markets and providing long-term financing.

Future plc (LSE: FUTR), the global platform for specialist media, has announced the successful launch and pricing of its debut £300 million 5-year unsecured bond. The bond, which will mature in 2030 and pay a coupon of 6.75%, has been assigned BB+ and Ba2 ratings by S&P and Moody's respectively, in line with the company's issuer ratings. The net proceeds will be used for general corporate purposes, including to refinance the group's Export Development Guarantee facility and repay amounts drawn under the group's revolving credit facilities. The successful bond issuance and refinancing of the revolving credit facility enhance the company's access to debt markets, lengthen its maturity profile, and provide long-term financing that aligns with its capital allocation policy.

Key Dates

10 July 2025
Settlement of the £300 million bond issue
2029
Maturity of the new revolving credit facility
2030
Maturity of the £300 million bond issue
GENERAL UPDATE