ZPG raises £200m through issue of senior notes

ZPG, the owner of uSwitch and Zoopla, has raised £200m through the issue of senior notes due 2023 at 3.750%.

The proceeds of the issue and sale of notes, along with borrowings under the new revolving credit facility, will be used to repay all amounts outstanding under its existing revolving facility, outstanding loans and to pay certain costs, expenses and fees related to the refinancing.

ZPG said the new debt package should strengthen its financial position by offering increased financial flexibility, providing a more stable and appropriate capital structure and allowing it to secure attractive interest rates for the next five years. The new bond issuance and bank facilities are expected to support the group's strategy for further continued profitable growth with a more efficient capital structure.

The company had announced the proposed £200m notes offering earlier this month.

At 1520 GMT, the shares were down 2.4% to 335.40p.