US$250 million US Private Pla
22 November 2010
COOKSON GROUP PLC ("Cookson" or "the Group")
Cookson announces the signing of an agreement relating to the issuance of US$250 million of US Private Placement loan notes
Cookson Group plc, a leading materials science company, announces the signing of a Note Purchase Agreement relating to the issuance of US$250 million (£156 million) of US Private Placement loan notes ("the Notes").
Subject to the completion of normal closing conditions, it is expected that the Notes will be issued and the proceeds received on 16 December 2010, with the proceeds used to repay drawings under the Group's existing committed bank facilities. The Notes will be issued in two series: US$110 million at a fixed interest rate of 4.16% maturing in December 2017, and US$140 million at a fixed interest rate of 4.87% maturing in December 2020. The average weighted interest rate on the Notes will be 4.57% and the average weighted duration will be 8.7 years.
This placement is part of a process to diversify the Group's sources of funding and to lengthen its debt maturities.
Mike Butterworth, Group Finance Director, commented:
"Our existing committed debt facilities provide us with very substantial liquidity headroom. However, we are pleased to have now secured this longer term debt financing on attractive terms. The strong demand we received reflects Cookson's strong financial position and its excellent prospects."
- Ends -
For further information please contact:
Shareholder/analyst enquiries:
Nick Salmon, Chief Executive Cookson Group plc
Mike Butterworth, Group Finance Director Tel: + 44 (0)20 7822 0000
Media enquiries:
John Olsen MHP Communications
Anthony Arthur Tel: +44 (0)20 3128 8100
About Cookson Group plc:
Cookson Group plc is a leading materials science company operating on a worldwide basis in Ceramics, Electronics and Precious Metals markets.
The Ceramics division is the world leader in the supply of advanced consumable refractory products and systems to the global steel and foundry industries and a leading supplier of speciality ceramic products to the glass and solar industries. It is also a regional leader in the US, UK and Australia in the supply and installation of monolithic refractory linings.
The Electronics division is a leading supplier of advanced surface treatment and plating chemicals and assembly materials to the electronics, automotive, industrial and construction markets.
The Precious Metals division is a leading supplier of fabricated precious metals (primarily gold, silver and platinum) to the jewellery industry in the US, the UK, France and Spain, and also has significant precious metal recycling operations in Europe.
Forward looking statements
This announcement contains certain forward looking statements which may include reference to one or more of the following: the Group's financial condition, results of operations, cash flows, dividends, financing plans, business strategies, operating efficiencies or synergies, budgets, capital and other expenditures, competitive positions, growth opportunities for existing products, plans and objectives of management and other matters.
Statements in this announcement that are not historical facts are hereby identified as "forward looking statements". Such forward looking statements, including, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to Cookson, wherever they occur in this announcement, are necessarily based on assumptions reflecting the views of Cookson and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements. Such forward looking statements should, therefore, be considered in light of various important factors. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements include without limitation: economic and business cycles; the terms and conditions of Cookson's financing arrangements; foreign currency rate fluctuations; competition in Cookson's principal markets; acquisitions or disposals of businesses or assets; and trends in Cookson's principal industries.
The foregoing list of important factors is not exhaustive. When relying on forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in documents the Company files with the UK regulator from time to time including its annual reports and accounts.
Such forward looking statements speak only as of the date on which they are made. Except as required by the Rules of the UK Listing Authority and the London Stock Exchange and applicable law, Cookson undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this announcement might not occur.
Cookson Group plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 251977
www.cooksongroup.co.uk
This information is provided by RNS
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