Business Context and Reporting Period
This Form 6-K is a joint report filed by Reed Elsevier PLC and Reed Elsevier NV (now RELX PLC) on January 16, 2009. The filing discloses the pricing and allocation of a new debt issuance and incorporates related underwriting and indenture agreements.
Key Financial Metrics
The filing details a specific debt financing transaction rather than operational performance metrics.
- Debt Issuance: $1.5 billion in US Notes.
- Instrument Types: 2014 Fixed Rate Notes and 2019 Fixed Rate Notes.
- Revenue, Profit, Cash Flow, Margins: The filing text does not provide a clear value for these operational metrics.
- Liquidity: The filing text does not provide a clear value for current liquidity positions, though the issuance implies a capital raise.
Material Changes
The primary material change disclosed is the execution of a $1.5 billion debt offering. This transaction involves the issuance of fixed-rate notes with maturities in 2014 and 2019, underwritten by Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities Inc.
Guidance, Outlook, and Risks
The filing text does not provide management commentary, future guidance, or specific risk factors beyond the standard disclosure of the debt instruments. The press release regarding pricing and allocation is included as an exhibit but its specific content is not detailed in the provided text.
Investor Verification Checklist
- Verify the specific interest rates and coupon terms for the 2014 and 2019 Fixed Rate Notes.
- Confirm the allocation of the $1.5 billion proceeds (e.g., refinancing existing debt vs. general corporate purposes).
- Review the full text of the Press Release (Exhibit 99.1) for details on market reception and pricing.
- Examine the Fifth Supplemental Indenture (Exhibit 99.3) for covenants and repayment terms.