London Stock Exchange Group Plc: Pricing Announcement - Successful Pricing Of Senior Unsecured Notes Under The Programme

London Stock Exchange Group plc ("LSEG" or the "Group") has priced multi-tranche and multi-currency offerings (the "Offerings") of notes (the "Notes") issued by the Group and its subsidiaries LSEG Netherlands B.V. ("LSEG Netherlands") and LSEGA Financing plc ("LSEGA plc", and together with LSEG Netherlands and LSEG, the "Issuers") under the Issuers' Global Medium-Term Note programme, established on 23 March 2021 (the "Programme"). The key terms of each Offering are set out below.

The Offerings, which saw strong demand from global investors, also marked the Group's inaugural USD Rule 144A/Reg S Notes in addition to GBP and EUR denominated Reg S Notes.

Each Offering is expected to settle on 6 April 2021. The Notes will be listed on London Stock Exchange and will be rated A3 by Moody's and A by S&P.

Proceeds from the Offerings will be used to repay part of the Bridge Facility drawn at completion of the acquisition of Refinitiv in order to refinance Refinitiv's indebtedness and for the Group's general corporate purposes. Coupled with the expected proceeds from the divestment of Borsa Italiana Group, it will allow LSEG to reduce its pro forma net debt/ EBITDA leverage. LSEG is targeting a return to 1.0x to 2.0x net debt/EBITDA in the 24 months following completion of the Refinitiv transaction, from a proforma 3.3x as at 31 December 2020.

Full year net finance expenses will depend on the timing of the divestment of Borsa Italiana. LSEG currently estimates underlying net finance expenses of approximately £205 million for the pro-forma financial year 2021, on a constant currency basis compared with 2020. This estimate incorporates accounting costs of approximately £40 million, for finance fee amortisation and IFRS 16 lease costs, which are expected to recur.

London Stock Exchange's new digital platform, Flow, was used for the first time during the issuance process. Flow is designed to automate the debt capital markets issuance process using structured data and GLML open specification protocol. LSEG's SparkLive Roadshow was used to host the deal investor roadshow.

Barclays, BofA Securities, Citigroup and HSBC acted as Joint Global Coordinators for the Offerings.