Business
US$250 million US Private Pla
US$250 million US Private Pla.
About this update from Vesuvius Plc
[{"type":"text","content":"\n RNS Number : 5684W Cookson Group PLC 22 November 2010 \n \n\n22 November 2010\n \n \nCOOKSON GROUP PLC (\"Cookson\" or \"the Group\")\n \nCookson announces the signing of an agreement relating to the issuance of US$250 million of US Private Placement loan notes\n \n \nCookson Group plc, a leading materials science company, announces the signing of a Note Purchase Agreement relating to the issuance of US$250 million (£156 million) of US Private Placement loan notes (\"the Notes\").\n \nSubject to the completion of normal closing conditions, it is expected that the Notes will be issued and the proceeds received on 16 December 2010, with the proceeds used to repay drawings under the Group's existing committed bank facilities. The Notes will be issued in two series: US$110 million at a fixed interest rate of 4.16% maturing in December 2017, and US$140 million at a fixed interest rate of 4.87% maturing in December 2020. The average weighted interest rate on the Notes will be 4.57% and the average weighted duration will be 8.7 years. \n \nThis placement is part of a process to diversify the Group's sources of funding and to lengthen its debt maturities. \n \nMike Butterworth, Group Finance Director, commented:\n \n\"Our existing committed debt facilities provide us with very substantial liquidity headroom. However, we are pleased to have now secured this longer term debt financing on attractive terms. The strong demand we received reflects Cookson's strong financial position and its excellent prospects.\" \n \n \n- Ends -\n \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 &n...