ETO has announced it is issuing £285m of 2022 senior secured notes at par with a coupon of 6.875%. Including fee amortisation the notes net cost is approximately 7.25%pa. This is higher than our existing assumption and as the gross debt will be maintained there will be a jump in the interest cost for FY17 and FY18. On a full year basis the P&L charge will be c£21.2m including fees for the notes and the a new £100m RCF. The impact in FY16 is modest (1.6%) but the impact in FY17 (8.6%) and FY18 (8 ....
07 Dec 2015
Refinancing impacts FY17 and FY18 EPS by 8.6%
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Refinancing impacts FY17 and FY18 EPS by 8.6%
ETO has announced it is issuing £285m of 2022 senior secured notes at par with a coupon of 6.875%. Including fee amortisation the notes net cost is approximately 7.25%pa. This is higher than our existing assumption and as the gross debt will be maintained there will be a jump in the interest cost for FY17 and FY18. On a full year basis the P&L charge will be c£21.2m including fees for the notes and the a new £100m RCF. The impact in FY16 is modest (1.6%) but the impact in FY17 (8.6%) and FY18 (8 ....