Filtronic PLC
8 February 2002
FILTRONIC PLC
BUYS IN $16.75M OF ITS 10% SENIOR NOTES
AT A DISCOUNT TO PAR VALUE
Filtronic plc ('Filtronic'), a leading global designer and manufacturer of
customised microwave electronic subsystems, announces that it has bought in
$16.75m of its 10% Senior Notes due 1 December 2005 at a discount to par value.
These Notes will be cancelled leaving $153.25m of the Notes outstanding. The
Notes were issued in December 1998 to finance certain acquisitions made by
Filtronic earlier that year.
Commenting, Professor J David Rhodes, Executive Chairman and Chief Executive of
Filtronic, said: 'As at 30 November 2001, Filtronic had cash balances of £11.2m.
Since that date, Filtronic has continued to generate cash, independent of monies
received in respect of the Newton Aycliffe agreements with BAE SYSTEMS Avionics
Limited and M/A-Com Inc. This strong cash performance has enabled the Company to
reduce its level of long term debt and financing costs.'
After buying in these Notes, Filtronic's cash balance was £12.8m. Filtronic is
not utilising any of its £31m bank overdraft facility.
ENDS
For further information, please contact:
Filtronic plc - 01274 530622
John Samuel, Finance Director - mobile 07860 614145
Binns & Co PR Ltd - 020 7786 9600
Peter Binns/Carole Butcher
Filtronic website: www.filtronic.com
This information is provided by RNS
The company news service from the London Stock Exchange