IWG restructures debt ahead of first-half results
By Josh White
Date: Friday 28 Jun 2024
(Sharecast News) - Workspace provider International Workplace Group (IWG) announced the issue of its first euro investment-grade bond on Friday, reinforcing its capital structure ahead of its first-half results on 6 August.
The FTSE 250 company, which operates brands such as Regus, said the bond issue, totaling €575m with a 6.5% coupon partially swapped to a higher dollar-denominated rate, extended its debt maturity to June 2030.
Additionally, a new $720m revolving credit facility (RCF) was set to mature in June 2029.
The firm said it had also reduced the face value of its £350m 0.5% convertible bond to £231.7m, facilitating repayment by December 2027.
It said the moves maintained its total debt level, and were supported by Fitch's BBB Stable investment grade rating.
IWG said it had undertaken several strategic steps over the last year to enhance investor transparency, including transitioning to reporting in dollars, restarting its dividend policy, and rebranding from IWG to International Workplace Group.
The company said it still expected a stable financial performance for 2024, with no changes to its outlook statement from 7 May.
At 1109 BST, shares in International Workplace Group were up 0.17% at 174.p.
Reporting by Josh White for Sharecast.com.
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