Business
Debt Financing Update
Debt Financing Update.
About this update from Rhi Magnesita Nv
[{"type":"text","content":"\n \n \n \n RNS Number : 2909U\n RHI Magnesita N.V.\n 02 December 2021\n \n \n \n \n RHI Magnesita N.V.\n \n \n (\"RHI Magnesita\" or the \"Company\" or \"Group\")\n \n \n DEBT FINANCING UPDATE\n \n \n RHI Magnesita today announces that it has agreed €400 million of new debt financing comprising a new €250 million ESG-linked Schuldschein and a new €150 million ESG-linked Bilateral Facility. The new financing has been obtained at attractive rates of interest, reflecting high demand from lenders and Schuldschein investors and will provide the Group with additional liquidity and financial flexibility.\n \n \n \n €250 million \n \n \n Schuldschein and €150 million Bilateral Facility\n \n \n \n RHI Magnesita has issued a new Schuldschein for a total principal amount of \n €\n 250 million and maturities ranging from 5.5 years to 10 years. The weighted average coupon of the Schuldschein on issuance is 0.80% per annum, with \n €\n 134 million of the principal loan amount attracting a fixed rate of interest and the remaining \n €\n 116 million a floating rate of interest, as set out in the Appendix below. \n \n \n Demand for participation in the transaction was strong and the final size was increased to accommodate additional appetite from investors. The lead arrangers of the Schuldschein were Landesbank Hessen Thüringen Girozentrale (\"Helaba\") and Raiffeisen Bank International AG (\"RBI\").\n \n \n A new \n €\n 150 million ESG-linked Bilateral Facility with ING has also been agreed, with final maturity in May 2025.\n \n \n The margin payable on both the Schuldschein and Bilateral Facility will be adjusted based on the Group's EcoVadis ESG rating performance. RHI Magnesita is currently rated 'Gold' by EcoVadis and will seek to further improve its ESG performance and ratings through the execution of its sustainability strategy.\n \n \n Extension of €600 million Syndicated RCF\n \n \n The Group has exercised the second of three extension options on its €600 million ESG-linked Syndicated RCF, with final maturity now in January 2027. All other terms of the Syndicated RCF remain as agreed in July 2021.\n \n \n Ian Botha, Chief Financial Officer, said: \n \n \n \"The agreement of €400 million of new financing alongside the extension of our \n €600 million \n Syndicated RCF demonstrates strong support from our banking group and c...