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UBM launches £250m corporate bond

United Business Media Limited (UBM) has launched its debut Sterling corporate bond to raise approximately £250m.

The bond will carry a coupon of 6.50% and will be issued at a discount to par, to yield 6.507% to maturity. The bonds will be issued on 23rd November 2009 with the proceeds used to repay debt outstanding under UBM's existing bank facilities.

Robert Gray, Chief Financial Officer, said: "We are delighted with today's bond transaction, which was designed to extend UBM's debt maturity profile and to diversify our sources of funding into the fixed income capital markets. We're happy to welcome our new investors, and we are particularly pleased that the issue has been placed with an impressive group of high quality institutional investors. We are gratified to have enjoyed such substantial support from the UK institutions that we met during the last week."