LONDON (ShareCast) - (Sharecast News) - Serco has issued $200m (£154m) of US private placement loan notes, it announced on Friday.
The FTSE 250 company said the notes have maturities of five, seven, 10 and 12 years, with a weighted average maturity of nearly eight years.

It said the financing was completed in advance of existing US private placement debt maturing in 2021.

The average interest rate on the new loan notes was fixed at 3.6%, which compared to a blended rate of 5.3% for the existing notes.

"A strong capital structure is essential in providing a base for the ongoing execution of our strategy," the Serco board said in its statement.

"We are therefore pleased to be able to secure long term debt at attractive interest rates.

"This is the first time Serco has accessed the US private placement market in more than seven years, and was possible due to our low financial leverage and resilient business model."

At 1248 BST, shares in Serco Group were down 0.39% at 127.5p.

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