14th Nov 2007 14:43
FOR IMMEDIATE RELEASE 14 NOVEMBER 2007
CHEMRING GROUP PLC US PRIVATE PLACEMENT
Chemring Group PLC ("Chemring" or "the Group") announces that it has completed a $150 million private placement of 10 year fixed interest loan notes in the US with a number of institutional investors.
The loan notes will mature in 2017 and carry an interest rate of approximately 6.30%, a more favourable rate than the Group currently enjoys. The proceeds will be used to repay existing dollar debt and will provide additional working capital facilities for the Group.
Paul Rayner, Finance Director of Chemring, said:
"We are delighted that our first foray into the US private placement market has been highly successful and has demonstrated the confidence of US investors in the financial strength of the Group. The strengthening of our balance sheet will give us greater flexibility as we continue to pursue our growth strategy."
For further information:
Paul Rayner Finance Director, Chemring Group PLC 01489 881880
Rupert Pittman Cardew Group 0207 930 0777
CHEMRING GROUP PLCRelated Shares:
Chemring