Refinancing of £130m private placement notes

RNS Number : 7435B
SIG PLC
21 June 2016
 

 

 

SIG plc

("SIG" or "the Group")

 

Refinancing of £130m private placement notes

 

SIG plc, a leading distributor of specialist building products in Europe, today announces it has successfully refinanced £130m of private placement notes, which are due to mature in November 2016, on attractive terms with existing investors.

 

This refinancing has been achieved through the issuance of £83m new private placement notes on a bilateral basis, with a ten year maturity, and by increasing the Group's existing revolving credit facility by £100m to £350m, with a five year maturity.  As a result the Group's total debt facilities have increased by £53m to £531m at current exchange rates, with unchanged covenants.

 

These facilities ensure SIG has enhanced funding headroom and liquidity to support its medium-term strategic plans.  The Group continues to aim to target leverage at c.1.5x in the medium-term through a slower pace of acquisitions and by moderating capital expenditure.

 

 

Enquiries

 

Simon Bielecki, Head of Investor Relations

 

SIG plc

07515 794359

 

 


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