IHG Finance LLC completes AE850m 3.375% bond issuance, guaranteed by IHG group
Rhea-AI Filing Summary
InterContinental Hotels Group PLC announced Final Terms dated 8 September 2025 for an issue of C850,000,000 3.375% Notes due 10 September 2030 to be issued by IHG Finance LLC and unconditionally guaranteed by Six Continents Limited, InterContinental Hotels Limited and InterContinental Hotels Group PLC. The Notes are to be issued under the A34,000,000,000 Euro Medium Term Note Programme and the Final Terms must be read together with the Base Prospectus dated 15 August 2025.
The filing states that full information is available only by combining the Base Prospectus and Final Terms and notes restrictions on offers in certain jurisdictions, including that the Notes are not registered in the U.S. and cannot be offered to U.S. persons except under exemptions. Contact details for media relations are provided.
Positive
- E850,000,000 of long-term funding secured via notes due 2030
- Fixed 3.375% coupon provides predictable interest cost for the term
- Notes guaranteed by Six Continents Limited, InterContinental Hotels Limited and IHG PLC, enhancing credit support
- Issued under existing A34,000,000,000 EMTN Programme, facilitating market access
Negative
- Increases group indebtedness by AE850,000,000 (note principal amount)
- Final Terms do not disclose use of proceeds, covenants or credit metrics in this filing
- Restrictions on offers in the U.S. limit investor base; notes are not registered under the U.S. Securities Act
Insights
TL;DR IHG secured E850m of five-year unsecured notes under its EMTN, locking in a 3.375% coupon until 2030.
The issuance formalizes medium-term funding through IHG Finance LLC and brings an explicit guarantee from group entities, expanding market access under the existing A34bn Euro Medium Term Note Programme. The fixed 3.375% coupon and 2030 maturity provide predictable interest costs for the next five years. Documentation requirements reference the Base Prospectus dated 15 August 2025, which together with the Final Terms contains the full disclosure. Jurisdictional selling restrictions, notably to U.S. persons, are clearly stated.
TL;DR Material funding transaction but no standalone credit metrics disclosed in the filing.
The document confirms a material note issuance amount and guarantors but does not include balance sheet, covenant or use-of-proceeds details. Without information on how proceeds will be applied or on group leverage metrics, the direct credit impact cannot be assessed from this filing alone. Investors must consult the Base Prospectus and Final Terms for full terms, covenants and offering conditions.
