By Lisa Kerner
Charlotte, N.C., May 27 - Fenner plc announced a private placement of $200 million of senior guaranteed loan notes with U.S.-based institutional investors.
The notes have maturities of 10 and 12 years at an average coupon of 5.3%.
Funding will take place in June and August.
Proceeds will be used to repay debt and to support company growth.
"These notes enable us to further expand our funding sources and extend our debt maturity profile at an attractive price, providing a stable funding structure, whilst supporting the further development of the group," Fenner Group finance director Richard Perry said in a company news release.
Some of the investors are new to Fenner, Perry said, noting that this is the company's return to the private placement market after issues in 2007 and the mid 1990s.
Fenner is a reinforced polymer engineering company based in Hessle, England. Its products include conveyor belting for the mining and power generation markets.
| Issuer: | Fenner plc
|
| Issue: | Senior guaranteed loan notes
|
| Amount: | $200 million
|
| Maturity: | 10 and 12 years
|
| Coupon: | Average coupon of 5.3%
|
| Settlement: | June and August
|
| Distribution: | Private placement
|
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