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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.

Capital Structure

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.

Operating cash flow conversion

2021 2020 2019 2018 2017
146.8% 86.6% 103.5% 91% 91%

Free cash flow (£m)

2021 2020 2019 2018 2017
438.7 (153.9) 722.1 503.2 400.9

Leverage ratio (times)

2021 2020 2019 2018 2017
2.8 5.6 2.5 2.9 2.5

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 four public bonds issued under its Euro Medium Term Note programme.

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 450 05-Jul-23 5 Year 1.50%
Informa PLC EMTN XS1853426895 GBP 450 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


Maturity Profile

Stable and secure financing to 2023

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 2021, the Group’s maturity profile was 3.9 years and overall weighted average cost of debt was around 3.7%. There are no financial covenants across the Group’s facilities.

The size of our revolving credit facility and the number of syndicate of banks providing the facility remains unchanged from 2020 at £1.05Bn.

 

No maturities until July 2023


Ratings

Informa has been assigned credit ratings by S&P Global, Fitch and Moody's and is rated as investment grade by each agency.

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

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)