27th Jan 2006 07:00
Travis Perkins PLC27 January 2006 27 January 2006 Travis Perkins PLC Diversification of Debt Facilities Travis Perkins announces that it has raised $400m through a private placement offixed rate guaranteed unsecured notes (the "Notes") with a broad range of USfinancial institutions. As a result of strong demand for the Notes the companywas pleased to raise $150m more than its initial target. The net proceeds, which have been swapped into sterling at variable rates, willbe used to refinance approximately half of the Group's existing £500m term loanreducing it to £270m. With $200m of the Notes repayable in 7 years and theremainder in 10 years, the private placement both diversifies our fundingsources and extends the maturity of our debt profile at competitive rates. As part of the process of reviewing the terms and structure of its debt, thecompany has also reached agreement with its banking syndicate to bring thefinancial covenants on the remaining £970m of its UK bank facility in line withthose on the US private placement, increasing the company's flexibility. Travis Perkins was advised by RBS. Enquiries: Paul Hampden Smith, Finance DirectorTravis Perkins PLC +44 (0) 1604 683112 David BickHolborn Public Relations +44 (0) 207 929 5599 ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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