Capital Structure
Share Capital
As at 31 December 2024, LSEG’s share capital consists of 543,573,966 ordinary shares of 679/86 pence each, made up of: (i) 531,451,860 ordinary shares (excluding treasury shares) (97.77%), which carry one vote each; and (ii) 12,122,106 ordinary shares held in treasury (2.23%). The total number of voting rights in the Company on 31 December 2024 was 531,451,860. The figure 531,451,860 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Borrowings
The Group has the following committed bank facilities, commercial paper, unsecured bonds, trade finance loans and bank overdrafts:
| Maturity date | Facility/ bond | Carrying value | Interest rate | ||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £m | £m | £m | % | ||
| Committed bank facilities | |||||
| Multi-currency revolving credit facility | Dec 2027 | 1,925 | (2) | (5) | see note2 |
| Multi-currency revolving credit facility | Dec 2027 | 1,075 | (2) | (3) | see note2 |
| Tradeweb multi-currency revolving credit facility | Nov 2028 | 400 | (2) | - | see note3 |
| Total committed bank facilities1 | 3,400 | (6) | (8) | ||
| Commercial paper | 1,037 | 1,206 | 0.578 | ||
| Committed term loans | - | - | |||
| Total committed term loans | - | - | |||
| Bonds | |||||
| $500 million bond, issued April 2021 | Apr 2024 | - | - | 392 | 0.650 |
| €500 million bond, issued September 2017 | Sep 2024 | - | - | 433 | 0.875 |
| €500 million bond, issued April 2021 | Apr 2025 | 415 | 415 | 433 | - |
| $1,000 million bond, issued April 2021 | Apr 2026 | 799 | 798 | 782 | 1.375 |
| €700 million bond, issued September 2023 | Sep 2026 | 581 | 592 | 620 | 4.125 |
| $500 million bond, issued March 2024 | Mar 2027 | 400 | 397 | - | 4.875 |
| €600 million bond, issued September 2024 | Sep 2027 | 498 | 494 | - | 2.750 |
| $100 million bond, issued September 2024 | Sep 2027 | 80 | 79 | - | 4.000 |
| €500 million bond, issued December 2018 | Dec 2027 | 415 | 413 | 431 | 1.750 |
| €500 million bond, issued April 2021 | Apr 2028 | 415 | 414 | 431 | 0.250 |
| $1,000 million bond, issued April 2021 | Apr 2028 | 799 | 797 | 781 | 2.000 |
| €500 million bond, issued September 2017 | Sep 2029 | 415 | 413 | 431 | 1.750 |
| £500 million bond, issued April 2021 | Apr 2030 | 500 | 496 | 495 | 1.625 |
| €700 million bond, issued September 2023 | Sep 2030 | 581 | 608 | 634 | 4.231 |
| $1,000 million bond, issued April 20214 | Apr 2031 | 799 | 795 | 976 | 2.500 |
| €500 million bond, issued April 2021 | Apr 2033 | 415 | 410 | 428 | 0.750 |
| $750 million bond, issued March 2024 | Mar 2034 | 599 | 587 | - | 5.297 |
| $750 million bond, issued April 2021 | Apr 2041 | 599 | 592 | 580 | 3.200 |
| Total bonds | 8,310 | 8,300 | 7,847 | ||
| Trade finance loans | Nov 2025 | - | 1 | 7.274 | |
| Bank overdraft | - | 17 | |||
| Total borrowings excluding lease liabilities | 9,331 | 9,063 | |||
1. Negative balances represent the value of unamortised arrangement fees.
2. Interest is payable at the risk free rate plus a margin and credit adjustment spread (CAS). The CAS is variable and depends on the tenor and currency of the borrowings.
3. Interest is payable at a rate equal to, at Tradeweb's option, either (a) a base rate plus a margin or (b) the risk free rate plus a CAS plus a margin, depending on the currency of the borrowings.
4. In December 2024, the Group completed a tender offer to repurchase US$250 million of the US$1,250 million bond maturing in April 2031.