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SAGE RAISES $300M IN U.S.
Sage Group, parent to Sage North America, has raised $300 million through an issue of U.S. Private Placement loan notes. It's a refinancing move and the company said the issue would extend maturities of existing debt and diversify sources of funding. Every time I read financial reports from Sage, I'm think for the American system because it always looks the English companies don't have to say a whole lot to the public.
But I can't recall Sage doing this during my coverage of this market. In a technically unrelated move in December, the Bank of New York Mellon filed for the registration of 100,000,000 American Depositary Shares of Sage stock. Although these two moves have nothing to do with each other from a formal sense, I wonder if they reflect Sage's generating greater recognition in this country so that there is demand for trading via American Depositary Receipts and the ability to raise funds.
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