By Josh White
Date: Monday 25 Jun 2018
LONDON (ShareCast) - (Sharecast News) - Synthomer announced a refinancing of its existing bank facilities on Monday, consisting of an offering of €300m (£263.5m) in seven-year unsecured senior notes, and a new €300m four-year revolving credit facility.
The FTSE 250 company said the proceeds of the issue and sale of the notes would be used, together with cash-on-hand and borrowings under the new revolving credit facility, to repay all amounts outstanding under its existing revolving credit facility, repay amounts outstanding under its existing term loan, and to pay certain costs, expenses and fees related to the refinancing.
It said the proposed refinancing would strengthen the group's financial position through increased financial flexibility, providing an appropriate capital structure and allowing it to secure - in relation to the notes - an attractive fixed interest rate for the next seven years.
The group's strategy for further continued profitable growth was expected to be supported with the "efficient capital structure", the board explained.
"This refinancing is being undertaken ahead of the maturity of our current facilities and aims to achieve favourable terms in both the bond and bank markets," said Synthomer chief financial officer Stephen Bennett.
"This new broader capital structure will allow the group more flexibility to deliver on its strategy of building sustainable growth."
Synthomer confirmed there would be no public offering of the notes.
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Currency | UK Pounds |
Share Price | 180.00p |
Change Today | 7.20p |
% Change | 4.17 % |
52 Week High | 334.00p |
52 Week Low | 122.50p |
Volume | 560,397 |
Shares Issued | 163.57m |
Market Cap | £294.42m |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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Interim | Final | |
Ex-Div | n/a | 01-Jun-22 |
Paid | n/a | 05-Jul-22 |
Amount | 0.000p | 21.30p |
Time | Volume / Share Price |
16:35 | 69,765 @ 180.00p |
16:35 | 1,935 @ 180.00p |
16:35 | 2,074 @ 180.00p |
16:35 | 441 @ 180.00p |
16:35 | 470 @ 180.00p |
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