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DUDLEY MBC LAUNCHES£100 MILLION STOCK ISSUE

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Dudley MBC today launched a£100 million, 25 year loan stock issue through UBS Ltd, which is the sole underwriter a...
Dudley MBC today launched a £100 million, 25 year loan stock issue through UBS Ltd, which is the sole underwriter and placing agent to the issue.

The issue price was £37.20, with a coupon of 7% payable half yearly in August and February.

Dudley Chief Finance Officer Mike Williams said: 'The issue secures long term funding at historically attractive rates for the benefit of local tax payers in Dudley and the West Midlands.

'We believe that by proactive management of our borrowing strategy we have achieved financial benefits of around £3 million a year. The issue will provide cost efficient and stable funding'.
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