5th Nov 2021 11:30
SIG PLC - Sheffield-based supplier of insulation, roofing, commercial interiors and specialist construction products - Confirms it has priced the offering of EUR300.0 million of 5.25% fixed rate senior secured notes due 2026. The company will use the net proceeds from the offering to repay its existing private placement notes, repay its existing credit facilities and cancel any commitments thereunder, and fund cash on the company's balance sheet for general corporate purposes.
Chief Executive Steve Francis says: "We are delighted with the response we have received from investors. The success of this transaction enables us to refinance our existing facilities well ahead of their maturity dates and on more attractive terms.
"Together with our new revolving credit facility, the notes further improve the group's financial flexibility by extending the maturity profile of the group's borrowings and increasing its available liquidity. This will provide a strong base from which to drive forward our 'return to growth' strategy, which has delivered notable improvements in growth and profitability to date, and which we are increasingly confident will continue to deliver value for all stakeholders in the near and longer term."
Current stock price: 52.89 pence
Year-to-date change: up 68%
By Paul McGowan; [email protected]
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