By Lisa Kerner
Charlotte, N.C., Nov. 22 - Cookson Group plc expects to issue $250 million (£156 million) of notes in a private placement on Dec. 16.
The company announced the signing of a note purchase agreement on Monday.
Proceeds will be used to repay drawings under Cookson's existing committed bank facilities.
The notes will be issued in two series:
• $110 million at a fixed interest rate of 4.16% maturing in December 2017; and
• $140 million at a fixed interest rate of 4.87% maturing in December 2020.
Cookson said the average weighted interest rate on the notes will be 4.57% and the average weighted duration will be 8.7 years.
The placement is part of Cookson's efforts to diversify its funding and lengthen its debt maturities.
"Our existing committed debt facilities provide us with very substantial liquidity headroom," finance director Mike Butterworth said in a company news release. "However, we are pleased to have now secured this longer term debt financing on attractive terms."
Cookson is a London-based materials science company,
| Issuer: | Cookson Group plc
|
| Issue: | Fixed-rate notes
|
| Settlement: | Dec. 16
|
| Distribution: | Private placement
|
|
|
| Series 1
|
| Amount: | $110 million
|
| Maturity: | December 2017
|
| Coupon: | 4.16%
|
|
|
| Series 2
|
| Amount: | $140 million
|
| Maturity: | December 2020
|
| Coupon: | 4.87%
|
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