Thomson Reuters to issue notes

MEDIA conglomerate Thomson Reuters has announced it will offer $350m (£223m) of 10 year notes to refinance borrowings used to repay a recently expired bond issue.

Barclays Capital, Deutsche Bank Securities, JP Morgan Securities and RBS Securities are the joint book-running managers for the offering.

The offering is expected to close on 5 October, the company said in a statement.

Fitch assigned an A– rating to the 10-year unsecured notes, which will yield 3.95 per cent.

Thomson Reuters has $1bn (£639m) of notes maturing in 2013, $1.3bn in 2014 and a further $600m in 2015.

The announcement came after James Smith, chief executive officer of the firm’s professional division, was named chief operating officer of Thomson Reuters.

The company will disband its current duel structure, divided into markets and professional, and move towards a more focused model.

The firm saw its operating profit rise 17 per cent to $669m in its last quarterly results, on revenue four per cent higher.

However, chief executive Thomas Glocer said its markets performance was “below our expectations” and said he would “accelerate the transformation” in the division, changing several of its leadership posts.