Pearson plc, the international media company, announces the issue of £250,000,000 Bonds due October 2014. The Bonds were priced to yield a margin of 165 basis points over the gross redemption yield of the 8 per cent. Gilt due 2015. The Bonds carry an annual coupon of 7 per cent. with an issue/re-offer price of 98.79 per cent. The Bonds will redeem on 27th October, 2014. The joint lead managers and bookrunners to the issue are Barclays Capital and Warburg Dillon Read.
The proceeds of the issue will be used for general corporate purposes.
Application will be made for the Bonds to be admitted to the official list of the London Stock Exchange. It is expected that official dealings will commence on 28th October, 1999. Prior to official listing, dealings will be permitted by the London Stock Exchange in accordance with its rules.
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