Watts,Blake,Bearne - Re Loan Note Placing
05 March 1998 - 8:48PM
UK Regulatory
RNS No 9603q
WATTS BLAKE BEARNE & CO PLC
5th march 1998
Watts Blake Bearne & Co PLC : US$55M Loan Note Placing
Watts Blake Bearne & Co PLC, the world's largest producer of plastic clay and
key raw material supplier to the world's ceramics industry, announces it has
completed a placement of US$55 million of unsecured loan notes with three US
based institutional investors. The funds have been provided with a ten year
maturity and allow WBB to take advantage of historically low interest rates.
The proceeds of the placement have been used to repay current banking
facilities and have been partially swapped into German Marks to provide the
Group with a currency hedge against its German assets. Net gearing for the
Group remains modest at just under 29%.
Group Finance Director, Dr Michael Young said: "The private placement has
enabled us to extend considerably the average maturity of our debt, at a
favourable price by historic standards. Our already sound balance sheet has
thereby been further strengthened. The long-term nature of our assets have
been better recognised in our debt profile. Additionally, we have increased
the availability of funds for future investments."
Commenting on the placement, Chief Executive Dr Graham Lawson said:
At WBB our strategy for growth is clear and we intend to continue to pursue
opportunities for geographic expansion where markets and reserves can be
identified. Our business is both global and long-term in nature; this
transaction reinforces both tenets.
SPP Hambro & Co L.L.C. and Lloyds Bank plc were joint agents and financial
advisers on the transaction.
Enquiries:-
W J C Watts Esq
Watts Blake Bearne & Co PLC
Telephone : 01626 332345
END
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