- Transport group National Express said it had signed a private placement of $509m equivalent new senior unsecured notes.

The issue would consist of five tranches of notes with maturities ranging between seven and 12 years with similar covenants to existing facilities.

National Express said the placement was being undertaken to take advantage of attractive market conditions.

It would be used to repay an existing £225m bond and €250m floating rate note maturing in mid-2020.

'This private placement transaction improves liquidity, debt refinancing risk and lender diversity over the medium term at an attractive blended fixed interest rate, and reflects the group's ongoing pro-active management of its debt arrangements,' finance director Chris Davies said.

At 9:44am: [LON:NEX] National Express Group PLC share price was +0.4p at 448.4p

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