(Alliance News) - Synthomer PLC on Friday said it has priced EUR520.0 million of 3.875% senior notes due 2025.
The senior notes due 2025 will be issued at par, and the offering is expected to close on Thursday next week.
Proceeds from the offering will be used to repay borrowings under a 2019 bridge facility and to pay certain costs, fees and expenses related to the offering of notes, the Essex-based chemicals business said.
Chief Financial Officer Stephen Bennett said: "Synthomer now has in place a long-term financing structure, together with a strong balance sheet and significant leverage covenant headroom. The group has significant liquidity underpinned by its 2024 committed unsecured 5-year EUR460 million revolving credit facility, USD260 million term loan bank facility and now the EUR520 million bond due 2025."
Shares in Synthomer were up 0.1% at 283.61 pence each in London on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Synthomer (SYNT)