Morgan Advanced Materials raises $112m and €60m in private placement

Morgan Advanced Materials announced on Friday that it has raised $112m and €60m with the completion of a US private placement.

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The FTSE 250 firm said the new debt extends the group's debt maturity profile and will be used for repayment of existing indebtedness and other general corporate purposes.

It said the issue comprised $112m in tranches of seven and 10 year Senior Unsecured Notes, which were issued at an average coupon of 3.34% and blended term of 9.6 years.

Morgan said it also comprised €60m in tranches of seven, 10, and 12 year Senior Unsecured Notes, which were issued at an average coupon of 1.43% and blended term of 9.1 years.