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SSP Group plans $175M private placement

Food and beverage concessions operator SSP Group PLC said Aug. 10 that it plans to issue $175 million worth of notes through a private placement in the U.S.

The notes will be issued in October by a wholly owned subsidiary of the British company and guaranteed by SSP and two other subsidiaries.

The notes will be issued in five tranches: $40 million at a fixed interest rate of 4.35% and maturing in October 2025; $40 million at 4.50% and maturing in October 2028; $40 million at 4.60% and maturing in October 2030; £21 million at 2.85% and maturing in October 2025; and £21 million at 3.06% and maturing in October 2028.

SSP said net proceeds will be put toward repaying debt and general corporate purposes. The company also expects the issuance to help diversify debt financing sources and extend its debt maturity profile to 2030.