Vesuvius cuts interest payments with new US bond issue
Vesuvius
479.00p
16:35 26/04/24
1.38%
6.50p
Vesuvius has raised €100m in a private US bond placing to pay off other, higher-coupon debt.
FTSE 250
19,821.49
16:35 26/04/24
n/a
n/a
FTSE 350
4,472.60
16:35 26/04/24
n/a
n/a
FTSE All-Share
4,425.90
16:30 26/04/24
n/a
n/a
General Industrials
6,860.67
16:29 26/04/24
1.19%
80.41
The molten metal flow engineer issued the new US notes in two €50m series, one at 1.90% maturing in December 2027 and the other at 2.12% maturing in December 2029.
Resulting funds will be used to repay current debt at the FTSE 250 group, mainly the $110m, 4.26% coupon, US private placement maturing on 16 December 2017.
Vesuvius' annual interest costs will decline by roughly £1.8m as a result of this refinancing and the weighted average maturity of its committed debt facilities now stands at approximately six years, versus approximately four years at year-end 2016.