3rd Sep 2010 07:00
Low & Bonar PLC
Debt Private Placement
Low & Bonar PLC, the international performance materials group, is pleased to announce that it has successfully completed a private placement of senior unsecured notes to raise €45 million with Pricoa Capital Group Limited, an institutional investment unit of Prudential Financial, Inc.*
The notes carry a coupon fixed at 5.90% and are repayable in September 2016, which will diversify the Group's sources of funding, extend its debt maturity profile and provide a natural hedge for Group currency exposures.
The proceeds of the placement will be used to repay drawings under the Group's existing bank facilities. These facilities will expire in December 2011 and, as previously announced, plans to refinance them in 2010 are well advanced.
For further information, please contact:
Low & Bonar PLC 020 7535 3180Steve Good, Group Chief ExecutiveSimon Dray, Deputy Group Finance Director
*Prudential Financial, Inc. is headquartered in the United States and not affiliated in any manner with Prudential plc of the UK.
Related Shares:
LWB.L