- Rolls-Royce has priced three tranches of new debt worth a combined £2 billion as part of a recapitalisation plan.

In an announcement this morning, the aerospace engineering giant said it planned to issue bonds in US dollars, euros and sterling broken down into tranches of $1 billion, €750 million, and £545 million.

The proceeds from the bond issues combined with a previously announced rights issue and a new £1 billion term loan facility are expected to provide the company with gross proceeds of approximately £5 billion.

The bond offering is expected to close on 21 October 2020 and the proceeds will be escrowed and will be available to Rolls-Royce upon successful completion of the rights issue.

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