Business
New ?600 million five year bank facility
New ?600 million five year bank facility.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \nRNS Number : 9008E Cookson Group PLC 14 April 2011 \n \n\n14 April 2011\n \n \nCOOKSON GROUP PLC (\"Cookson\" or \"the Group\")\n \nCookson announces the signing of a new £600 million, five year bank facility\nCookson Group plc, a leading materials science company, announces the signing of a new £600 million, five year Revolving Credit Facility to replace the existing £511 million bank facility which was due to mature in October 2012. \nThe new facility, which matures in April 2016, was significantly over-subscribed by a syndicate of Cookson's group of core relationship banks. Borrowings under the new facility will be used to repay drawings under the existing facility and for general corporate purposes. \nThis bank refinancing follows the issue in December 2010 of $250 million of private placement loan notes with an average maturity of 8.5 years. \nCommenting on the refinancing, Cookson's Group Finance Director, Mike Butterworth said \n\"We are delighted by the strong demonstration of continuing support we have received from our long-established group of relationship banks. The new facility, together with our recent issue of private placement loan notes, provides long term financing on competitive terms, further strengthens Cookson's financial position and underpins the Group's operational and strategic objectives for the foreseeable future\".\n \n \n \n- Ends -\n \nFor further information please contact:\n \nShareholder/analyst enquiries:\n \nNick Salmon, Chief Executive Cookson Group plc\nMike Butterworth, Group Finance Director Tel: + 44 (0)20 7822 0000\n \nMedia enquiries:\n \nJohn Olsen  ...