Synthomer to repay revolver, term loan via new revolver, notes

By Susanna Moon

Chicago, June 25 – Synthomer plc said it will repay its revolving credit facility and term loan using proceeds of a new bond issue and a new revolver.

Synthomer will refinance its bank facilities with an offering of €300 million seven-year senior notes and a new €300 million four-year revolving credit facility.

The company also will use cash on hand.

“The proposed refinancing will 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,” according to a company announcement.

“This new broader capital structure will allow the group more flexibility to deliver on its strategy of building sustainable growth,” Stephen Bennett, chief financial officer, said in the release.

Synthomer is a specialty chemical company based in London.

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