Vesuvius cuts interest payments with new US bond issue
Vesuvius
367.50p
15:44 15/11/24
0.82%
3.00p
Vesuvius has raised €100m in a private US bond placing to pay off other, higher-coupon debt.
FTSE 250
20,508.75
15:45 15/11/24
n/a
n/a
FTSE 350
4,453.56
15:45 15/11/24
n/a
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FTSE All-Share
4,411.85
15:45 15/11/24
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General Industrials
7,617.25
15:44 15/11/24
0.41%
31.16
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.