Coats Group refinances through private placement, new bank facility
Coats Group
89.80p
17:15 07/01/25
-3.65%
-3.40p
Industrial thread manufacturer Coats Group announced the successful completion of a $225m issue of US private placement (USPP) notes on Friday.
Financial Services
17,735.46
17:14 07/01/25
0.84%
148.53
FTSE 250
20,350.37
17:14 07/01/25
n/a
n/a
FTSE 350
4,537.45
17:14 07/01/25
n/a
n/a
FTSE All-Share
4,493.46
16:44 07/01/25
n/a
n/a
The FTSE 250 company said the notes, which represented its debut issue in the USPP market, had a maturity of seven and ten years and were issued on investment grade terms. At the same time, Coats confirmed it agreed a new $350m five-year bank facility with a syndicate mainly comprising its existing lenders.
“The USPP notes and new bank facility replace Coats' $680m bank facility that was due to mature in March 2020,” the board said in its statement.
“The refinancing has achieved the group's aims of diversifying the sources of debt financing and extending their maturity out to 2027.”