Synthomer prices €520m in senior notes
Synthomer has completed the pricing of €520m (£468.44m) in senior notes due 2025, it announced on Friday.
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The FTSE 250 company said the cash would be used to repay borrowings under its 2019 bridge facility, introduced as part of the financing arrangements for the acquisition of Omnova Solutions.
“Synthomer now has in place a long-term financing structure, together with a strong balance sheet and significant leverage covenant headroom,” said chief executive officer Stephen Bennett.
“The group has significant liquidity underpinned by its 2024 committed unsecured 5 year €460m revolving credit facility, $260m (£209.38m) term loan bank facility and now the €520m bond due 2025.”
At 0919 BST, shares in Synthomer were up 0.28% at 284p.