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Taylor & Francis' parent Informa is to raise £458m from a loan note placed with US investors in order to reduce its debt. The news came as the professional information group reported "continued growth and recovery across the three main divisions" over the first 10 months of the year.
Informa said that its Academic Information unit had continued to trade well, following a strong start to the year, while Professional and Commercial Information division had seen a slight improvement in organic revenue growth since the half year. There were also signs of recovery across its conference businesses, particularly in those countries such as Germany and Australia where economic conditions have improved.
Peter Rigby, chief executive, said: "Informa's strong performance year to date leaves us well placed to meet management expectations for the full year. Our portfolio of high quality subscription based publishing products and market leading events has been strengthened through launching new products and the completion of a few targeted bolt-on acquisitions. We expect to deliver organic revenue growth across our core divisions in 2010 and we believe that we have the appropriate balance of businesses to continue that growth into 2011, despite the uncertain global outlook."
The note maturities will range between five and ten years, with an average duration of 8.3 years, at a weighted average interest rate of 4.3%. Informa said it would provide "additional flexibility, extended maturities and diversifies our sources of funding".