28th Jul 2009 16:10
28 July 2009
IMI plc
IMI plc announces $175m US loan note Issue
IMI announces that it has raised $175 million (GBP 107m) in the US private placement market. The fundraising attracted interest both from existing note holders and from new investors, and was 2.5 times over subscribed. The notes issued consisted of two tranches with $75m being taken with a 7 year maturity and $100m at a 10 year maturity.
The funds will be used to refinance $65m of US notes maturing later this year with the balance being used to reduce existing bank debt - freeing up additional banking facilities to maintain our considerable funding headroom.
RBS and HSBC acted as joint placement agents on this deal.
- Ends -
Enquiries:
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Weber Shandwick Financial |
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Nick Oborne / Stephanie Badjonat |
Tel: 020 7067 0700 |
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