16 Jun 2000
Prudential plc completes £1.1 billion revolving credit
Prudential plc today announced the establishment of a new £1.1 billion multicurrency revolving credit. The facility, which is being made available by the company's core relationship bank group, is for general corporate purposes including the provision of back-up support for commercial paper issuance.
The transaction is equally divided between 364-day and five-year facilities. Pricing on the £550m 364-day element is set at 12.5bp above Libor with a commitment fee of 5bp, the £550m five-year portion carries a margin of 19bp over Libor with a commitment fee of 9bp.
The facility is being made available by an 11-strong club of leading financial institutions comprising ABN Amro Bank NV, Barclays, BNP-Paribas, Citibank N.A., Credit Agricole Indosuez, Deutsche Bank AG, HSBC, National Australia Bank, National Westminster Bank, Royal Bank of Canada and UBS AG.
The loan agreement was signed on June 16th.
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For further information contact:
Jeremy Reynolds
Group Media Reynolds
Tel: 020 7548 3721
Carys Walshe
Investor Relations
Tel 020 7548 3823
NOTE TO EDITORS
Borrower: Prudential plc
Facility type: Multicurrency revolving credit facilities
Amount: £1.1 billion
Tranche 1: £550m - revolving credit
Final maturity: 364-days
Margin: 12.5bp over Libor
Commitment fee: 5bp
Tranche 2: £550m - revolving credit
Final maturity: 5-years
Margin: 19bp over Libor
Commitment fee: 9bp
Arrangers & Providers:
ABN Amro Bank NV, Barclays, BNP-Paribas, Citibank N.A., Credit Agricole Indosuez, Deutsche Bank AG, HSBC, National Australia Bank, National Westminster Bank, Royal Bank of Canada and UBS AG
Purpose: Proceeds are for general corporate purposes including the provision of back-up support for commercial paper issuance.
Signed: 16th June 2000