1st Mar 2005 11:56
Cookson Group PLC01 March 2005 1 March 2005 COOKSON GROUP ANNOUNCES NEW FINANCING ARRANGEMENTS Cookson Group plc, the international materials science company, is today pleasedto announce that it has arranged a new £200 million multicurrency revolvingcredit facility to replace the £148 million facility which was due to mature in2006. The new facility, which was over-subscribed, was arranged with Cookson's groupof nine core relationship banks and is for a term of three years, with optionsto extend for a further two years. The facility is unsecured, with all securityand guarantees under the previous facility being fully released. Borrowingsunder the facility will be used for general corporate purposes. Taking accountof the new facility, together with the Group's existing private placement notes,total committed borrowing facilities available to the Group now amount toapproximately £500 million. Commenting on the refinancing, Cookson's Chief Executive Nick Salmon said: "In our strategy statement on 18 January we indicated that we intended torefinance the Group's core bank facilities in the first half of this year. Thisis now complete and we are delighted by the strong demonstration of continuingsupport we have received from our long-established group of relationship banks. "The improved pricing and terms of the new facility, particularly the fullrelease of security, reflect the significant improvement in the Group'sfinancial condition. The new facility underpins the Group's operational andstrategic objectives for the future." Shareholder/analyst enquiries: Nick Salmon, Chief Executive 020 7061 6500Dennis Millard, Group Finance Director 020 7061 6500Lisa Williams, IR Manager 020 7061 6500 Media enquiries: John Olsen, Hogarth Partnership 020 7357 9477 About Cookson Group Cookson Group is a leading materials science company which provides materials,processes and services to customers worldwide. The Group operates as threedivisions - Electronics, Ceramics and Precious Metals. The Electronics divisionis a leading manufacturer and supplier of materials and services to theelectronics industry, primarily serving fabricators and assemblers of printedcircuit boards, assemblers of semiconductor packaging and the electrical andindustrial markets. The Ceramics division is a world leading supplier ofadvanced flow control and refractory products and systems to the iron and steelindustry and is also a leading supplier of refractory lining materials for ironand steelmaking and other industrial processes. The Precious Metals division isa leading supplier to the jewellery industry of fabricated precious metalsproducts. Headquartered in London, Cookson employs over 16,000 people in more than 35countries and sells its products in over 100 countries. Cookson Group plc 265 Strand, London WC2R 1DBTel: 020 7061 6500Fax: 020 7061 6600www.cooksongroup.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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