Debt investors

Our Group funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the requirements of the Group.

The objective is to ensure that the Group has appropriate funds to manage its financial obligations and to achieve its business objectives. In addition it is to ensure that the Group has a reasonable level of funding diversity in terms of investors and maturity.

The Group maintains a disciplined approach to its financing and is committed to an investment grade credit rating. Both Moody’s and Fitch have reaffirmed their investment grade ratings during the year at (Baa2/negative) and (BBB/negative) respectively.

Bonds and prospectuses

European medium-term note programme (EMTN)

European medium-term note programme (EMTN)

National Express Group plc has established a European medium-term note programme (EMTN) to provide a flexible means of issuing bonds in various currencies and maturities.

To view the latest EMTN prospectus see below:

Prospectus dated 13 October 2020

 

Bonds and guarantor statements

In November 2020, National Express Group Plc issued a debut £500m Sterling hybrid bond, final terms of which are included below:

Final terms dated 24 November 2020

Trust Deed dated 26 November 2020


In November 2019, National Express Group Plc issued a £250m Sterling bond, final terms of which are included below:

Final terms dated 18 November 2019


In November 2016, National Express Group Plc issued a £400m Sterling bond, final terms of which are included below:

Final terms dated 09 November 2016

Significant liquidity headroom

Extended debt maturity profile*

*As at 30th June 2021

  • £1bn cash and uncomitted headroom:
    • RCF undrawn £0.5bn
    • Cash £0.5bn
  • Average maturity of 5 years
  • No material refinancing requirement before 2023

See our 2020 Annual Report for full details.

Remain committed to a robust financial strategy:
  • Strong commitment to Investment Grade debt rating. Moody’s and Fitch reaffirmed again
  • Medium term commitment to reduce gearing to 1.5x- 2.0x EBITDA
  • Prudent risk planning – rolling fuel hedge and pension deficit plan in place