The proceeds will be used to pre-pay term loans maturing in 2016/17 and while they will not make a significant dent in interest costs (the new notes will pay 3 month Euribor +350 bps,
versus the 3 month Euribor +362.5 - 387.5 bps the term notes pay) they do push out the
average maturity of the group's debt, thus reducing the risk around the company and giving it enhanced financial flexibility.