17.06.03

17.6.2003: Meldung: Scottish Power PLC: Bond of up to US$575 Million

17 June 2003

Scottish Power PLC Lauches a
Scottish Power plc ("ScottishPower") announced today the launch of an offering of up to US$575 million of subordinated perpetual convertible bonds (the "Bonds") convertible into fully paid ordinary shares of ScottishPower (the "Offering").

The Bonds are expected to bear a cash coupon of between 4.125 per cent and 4.625 per cent per annum. The conversion price is expected to be at a premium between 25 per cent and 30 per cent to the price of ScottishPower"s ordinary shares at the time of pricing.

The Bonds will be convertible into fully paid ordinary shares of ScottishPower at any time during their first eight years. Application will be made for the Bonds to be admitted to the Official list of the UK Listing Authority and to the London Stock Exchange"s market for listed securities.

The offer will close in the first week of July and the net cash proceeds will be used to finance the planned organic investment programme in ScottishPower"s businesses.

David Nish, Finance Director, said: "At our Preliminary results in May we set out the investment opportunities within our businesses to deliver sustained organic growth for shareholders. We anticipate making around £900 million of capital investment across the Group in each of the next two years, of which some 40 per cent will be invested in the growth opportunities we have identified in generation, networks and gas storage, with the balance invested in maintaining our asset base. The convertible bond market currently provides long term financing on attractive terms."

The Bonds will be guaranteed by the holding company of the Group and are expected to be rated BBB by Standard and Poor"s ("S&P"). S&P is expected to re-affirm the ScottishPower Group rating of A- and assign Scottish Power plc"s senior debt a rating of BBB+. Moody"s, which is expected to reaffirm a senior debt rating on Scottish Power plc of Baa1, is expected to rate the Bonds Baa2. ScottishPower Group"s overall credit rating therefore remains unchanged.
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