HellermannTyton to repay €220 million bonds using revolver proceeds

By Susanna Moon

Chicago, Feb. 26 - HellermannTyton Group plc said it plans to repay its €220 million senior secured bonds using proceeds of a new loan.

The company signed a new €230 million five-year revolving credit facility at Euribor plus 175 basis points, according to a company press release.

The facility replaces the group's €220 million senior secured bonds at Euribor plus 512.5 bps and an undrawn €80 million revolving credit facility.

The company expects to draw €200 million to repay the bonds with the balance of €20 million to be repaid using cash reserves.

The bonds will be repaid on March 28.

The one-off costs of refinancing are €5 million, which includes the 1% redemption premium paid to the bondholders, the company noted. After repayment of the bonds, the new facility will reduce HellermannTyton's interest cost by €8 million per year.

The banking syndicate for the new facility comprises Barclays Bank plc, Commerzbank AG, HSBC Bank plc, Mizuho Bank, Royal Bank of Scotland plc and UniCredit Group.

The company is a Vienna, Austria-based global manufacturer of cable management products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.