2nd Dec 2021 10:35
(Alliance News) - RHI Magnesita NV on Thursday said it has agreed to a EUR400 million of new debt financing comprising of two facilities.
The Vienna-based supplier of refractory products will take on a new EUR250 million environment, social & governance-linked schuldschein and a new EUR150 million ESG-linked bilateral facility.
Chief Executive Ian Botha said: "The agreement of EUR400 million of new financing alongside the extension of our EUR600 million Syndicated RCF demonstrates strong support from our banking group and credit investors."
The EUR250 million schuldschein has maturities ranging from five and a half years to 10 years. The weighted average coupon of the schuldschein on issuance is 0.80% per annum, with EUR134 million of the loan amount attracting a fixed rate of interest and the remaining EUR116 million a floating rate of interest.
The EUR150 million bilateral facility, like the schuldschein, has a final maturity in May 2025.
RHI Magnesita has also exercised the second of three extension options on its EUR600 million ESG-linked syndicated revolving credit facility, with final maturity in January 2027. All other terms of the syndicated revolving credit facility remain as agreed in July this year.
"Raising new facilities and extending our debt maturity profile provides RHI Magnesita with additional financial flexibility and liquidity as we execute our strategic initiatives and pursue acquisition opportunities, in line with our objective to grow in new markets. The facilities are all ESG-linked, consistent with our commitment to sustainability," Botha said.
RHI Magnesita shares were down 0.4% to 3,056.00 pence each
By Greg Roxburgh; [email protected]
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