Blueprint
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
month of March
2019
PEARSON plc
(Exact
name of registrant as specified in its charter)
N/A
(Translation
of registrant's name into English)
80 Strand
London, England WC2R 0RL
44-20-7010-2000
(Address
of principal executive office)
Indicate
by check mark whether the Registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F:
Form
20-F
X
Form 40-F
Indicate
by check mark whether the Registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934
Yes
No X
Bond tender offer for up to €75m of €500m 1.875% Notes
due 2021 issued by Pearson Funding Five plc and extension of
Pearson plc bank facility
6 March 2019
The company is announcing today that its subsidiary company Pearson
Funding Five Plc is launching a tender offer for up to €75m
of its €500m 1.875 per cent. Notes due 2021, guaranteed
by Pearson (ISIN: XS1068765418), of which €250m currently
remain outstanding.
Pearson plc has announced that it has successfully refinanced its
bank facility, with a new $1.19bn Revolving Credit Facility, due to
mature in February 2024.
The transactions seek to:
1.
Extend the maturity of the group's debt, extending the maturity of
the Revolving Credit Facility from 2021 to 2024 and reduce the bond
debt maturing in 2021 from €250m;
2.
Optimise the balance between term bond debt and revolving bank
debt, given that the latter is more flexible and can be varied
according to the seasonality of the business.
Coram Williams, CFO of Pearson said, "I am pleased to announce
the successful refinancing of our bank facility to 2024 and the
launch today of a tender offer for up to €75m of our
€500m bond due in 2021. These transactions, together with
the improvement of our credit rating outlook by Moody's
to stable this week, mark further progress in the strengthening of
our balance sheet, which has seen us reduce bond debt by over
$2.5bn since January 2017."
Bank facility transaction details
The transaction was co-ordinated by Bank of America Merrill Lynch
and Barclays Bank Plc (also acting as facility agent), with BNP
Paribas acting as advisor on the sustainability element of the
loan. Other Mandated Lead Arrangers included ANZ bank, Citibank,
HSBC, JP Morgan, MUFG bank and TD bank.
About Pearson
Pearson is the world's learning company, with expertise in
educational courseware and assessment, and a range of teaching and
learning services powered by technology. Our mission is to help
people make progress in their lives through learning. We believe
that learning opens up opportunities, creating fulfilling careers
and better lives. For more, visit: www.pearson.com/corporate.
Contacts
|
Investor Relations
|
Jo
Russell, Tom Waldron, Anjali Kotak
|
+44
(0) 207 010 2310
|
|
Media
|
Tom
Steiner
|
+44
(0) 207 010 2310
|
|
Treasury
|
James
Kelly
|
+44
(0) 7525 679 788
|
|
Brunswick
|
Charles
Pretzlik, Nick Cosgrove, Simone Selzer
|
+44
(0) 207 404 5959
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
PEARSON
plc
|
|
|
|
|
Date: 06
March 2019
|
|
|
|
By: /s/
NATALIE WHITE
|
|
|
|
|
|
------------------------------------
|
|
|
Natalie
White
|
|
|
Deputy
Company Secretary
|