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Debt Summary

Informa aims to maintain a strong balance sheet and flexible funding mix, creating long-term visibility and liquidity in its financing.

We have public bonds under a Euro Medium Term Note programme and also make use of bank facilities for short-term and revolving financing needs. We expect to continue to be in a net borrowing position for the foreseeable future.

Liquidity risk is managed by maintaining adequate reserves and debt facilities, continuously monitoring forecast and actual cash flows against the maturity profiles of our financial assets and liabilities, and borrowing in currencies in which the Group operates, principally GBP, USD and EUR, to hedge projected future cash flows.

Front cover of the 2019 Annual Report - a woman climbing stairs with a spotlight on her

2019 Annual Report
  • Capital Structure
  • Facilities
  • Maturity Profile
  • Ratings
  • Issuers and Guarantors
  • Contacts

Strong Visibility and Attractive Cash Flow Dynamics

Informa has visible and predictable revenue streams, with a large proportion of annual income booked in advance through subscriptions or forward bookings for events. This generates attractive cash flow characteristics.

  • Cash Conversion %

     

  • Free Cash Flow (£m)

     

  • Net Debt/Covenant EBITDA

     

Current Debt Facilities

Informa issues fixed-term debt in a range of maturities, borrowing in US Dollars, Euros and Pounds Sterling. The Group currently has two public bonds issued under Euro Medium Term Note programmes and a number of US Private Placement notes.

Informa also makes use of shorter-term revolving credit bank facilities, provided by an international syndicate of banks. 

Term Debt

Issuer Format CUSIP/ISIN Currency Amount (m) Maturity Original Term Coupon
Informa PLC EMTN XS1853426549 EUR 650 05-Jul-23 5 Year 1.50%
Informa PLC EMTN XS1853426895 GBP 300 05-Jul-26 8 Year 3.125%
Informa PLC EMTN XS2251329178 GBP 150 05-Jul-26 8 Year 3.125%
Informa PLC EMTN XS2068065163 EUR 500 22-Apr-28 8.5 Year 1.25%
Informa PLC EMTN XS2240507801 EUR 700 06-Oct-25 5 Year 2.125%

 

Bank Facilities

Borrower Format Currency Amount (m) Original Term Coupon
Informa PLC Revolving Facility GBP 450 3 Year Floating
Informa PLC Revolving Facility GBP 600 5 Year Floating

 

Download the Euro Medium Term Note Listing Particulars

Flexible, long-term financing

We aim to maintain a balanced and flexible mix of funding sources on attractive terms, manage our maturity profile and the overall weighted average cost of debt.

As at the end of 2018, the Group’s maturity profile was 5.2 years and overall weighted average cost of debt was around 3.7%.

To reflect the growth and breadth of the Group, the size of our revolving credit facility and the number of syndicate of banks providing the facility was increased during 2018.

 

  • Pro-forma debt maturity as at 31 Dec 2019 (£m)1

    Pro-forma debt maturity as at 31 Dec 2019 (£m)

    1Proforma for: (1) RCF +1 Extension executed Jan 2020; (2) Dec 2020 USPP Prepayment executed Feb 2020; (3) Surplus Committed Credit Facility Mar 2020

Ratings

As an issuer of public debt, Informa has been assigned credit ratings by S&P Global Ratings Europe Limited and Moody's Investors Service Ltd. UBM plc, which became part of Informa in 2018, had USD350 million of senior unsecured notes due to mature in 2020, which remain rated Baa3.

Issuing Companies S&P Moody's
Informa PLC BBB- Baa3

Issuers and Guarantors

Informa comprises a number of different operating, holding and financial companies, and a full list of subsidiaries, associates and joint ventures is available in the Notes section of the latest Informa Annual Report. For all classes of the Group's senior unsecured debt, the guarantor structure is as follows.

 

Guarantors and Issuer
Informa PLC (UK) Informa Group Holding Limited (UK)

For more information about Informa's debt programme, contact the Group Treasurer.

Richard Garry
Group Treasurer
5 Howick Place
London
SW1P 1WG
UK

Telephone: +44 (0)20 7017 5000
Email: treasury@informa.com