17th Sep 2020 11:09
(Alliance News) - Vesuvius PLC on Thursday said it will fully repay the GBP200 million debt issued through the Bank of England's Covid Corporate Financing Facility, adding that it also has repaid its USD140 million US private placement before its December maturity date.
The London-based molten metal flow engineering company said it decided to repay the Covid facility - which it accessed in April - earlier than its March 2021 maturity as a result of the business' positive free cash flow generation in recent months and early signs of marginally improving levels of business activity.
Vesuvius noted that the early redemption of the US private placement in August was funded by the proceeds of a new USPP of the same size which was issued earlier this year.
It highlighted that following the debt repayments, as at the end of August, it had GBP416 million of liquidity, reflecting a GBP41 million increase from the end of February before the Covid-19 crisis took hold.
Shares in Vesuvius were trading 1.5% higher at 434.00 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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