By Devika Patel
Knoxville, Tenn., Oct. 28 – Morgan Advanced Materials plc said it raised $112 million and €60 million in a private placement of notes.
The company sold $112 million of seven-year senior unsecured notes and 10-year senior unsecured notes, which were issued at an average coupon of 3.34% and blended term of 9.6 years.
It also priced €60 million of seven-year senior unsecured notes, 10-year senior unsecured notes and 12-year senior unsecured notes, which were issued at an average coupon of 1.43% and blended term of 9.1 years.
The new debt extends the group's debt maturity profile; proceeds will be used to repay existing debt and for other general corporate purposes.
The engineering company is based in Windsor, United Kingdom.
| Issuer: | Morgan Advanced Materials plc
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| Issue: | Senior notes
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| Amount: | $112 million and €60 million
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| Pricing date: | Oct. 28
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| Distribution: | Private placement
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| $112 million of notes
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| Maturity: | Seven years, 10 years
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| Coupon: | 3.34% (average)
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| €60 million of notes
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| Amount: | €60 million
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| Maturity: | Seven years, 10 years, 12 years
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| Coupon: | 1.43% (average)
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