Business
Issue of Debt
Issue of Debt.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \nRNS Number : 7040U Vesuvius plc 04 December 2013 \n \n\n \n \n4 December 2013 \nVesuvius plc (\"Vesuvius\" or \"the Group\")\nIssuance of c.US$100 million of US Private Placement loan notes \n \nVesuvius plc, a global leader in molten metal flow engineering, announces the issuance of US$60 million and €30 million of US Private Placement loan notes (\"the Notes\"). \nProceeds from the issue were received on 3 December 2013 and used to reduce drawings under the Group's existing committed bank facilities. The Notes, which all carry a fixed rate of interest, were issued in four series: €15 million at 3.46% maturing in December 2021, US$30 million at 4.61% maturing in December 2023, €15 million at 3.93% maturing in December 2025 and US$30 million at 4.96% maturing in December 2028. The weighted average interest rate and maturity on the Notes will be 4.34% and 11.5 years respectively.\nThis placement further strengthens the Group's balance sheet by diversifying its sources of funding and lengthening its debt maturities. \n \nChris O'Shea, Chief Financial Officer, commented:\n\"We are pleased to have obtained this longer term debt financing on attractive terms. The healthy investor demand we experienced reflects the strength of our current position and prospects. Our total committed debt facilities are now the equivalent of some £639 million, with a good mix of maturities out to 2028. With net debt at 30 June 2013 of £272.5 million, we remain very well financed.\" \n \n \n- Ends -\n \nFor further information please contact:\n \nShareholder/analyst enquiries:\nVesuvius plc François Wanecq, Chief Executive +44 (0) 207 822 0000\n &n...