By Lisa Kerner
Charlotte, N.C., Dec. 4 - Vesuvius plc announced the issue of $60 million and €30 million of U.S. private placement loan notes on Dec. 3.
Proceeds were used to reduce drawings under the company's existing committed bank facilities.
The fixed-rate notes were issued in four series:
• €15 million of 3.46% notes due 2021;
• $30 million of 4.61% notes due 2023;
• €15 million of 3.93% notes due 2025; and
• $30 million of 4.96% notes due 2028.
The weighted average interest rate and maturity on the notes will be 4.34% and 11.5 years, respectively, according to a company news release.
"Our total committed debt facilities are now the equivalent of some £639 million, with a good mix of maturities out to 2028," said chief financial officer Chris O'Shea.
O'Shea added that with net debt of £272.5 million at June 30, "we remain very well financed."
Vesuvius is a London-based engineered ceramics company.
| Issuer: | Vesuvius plc
|
| Issue: | Fixed-rate notes
|
| Amount: | $60 million and €30 million
|
| Coupon: | 4.34% (weighted average)
|
| Maturity: | 11.5 years (weighted average)
|
| Distribution: | Private placement
|
| Settlement: | Dec. 3
|
|
|
| Series 1
|
| Amount: | €15 million
|
| Coupon: | 3.46%
|
| Maturity: | December 2021
|
|
|
| Series 2
|
| Amount: | $30 million
|
| Coupon: | 4.61%
|
| Maturity: | December 2023
|
|
|
| Series 3
|
| Amount: | €15 million
|
| Coupon: | 3.93%
|
| Maturity: | December 2025
|
|
|
| Series 4
|
| Amount: | $30 million
|
| Coupon: | 4.96%
|
| Maturity: | December 2028
|
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