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- Release Date: 18/06/12 11:56
- Summary: PLACE: NPX: Nuplex Secures Long Term Funding from US Private Placement
- Price Sensitive: No
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NPX
18/06/2012 09:56
PLACE
REL: 0956 HRS Nuplex Industries Limited
PLACE: NPX: Nuplex Secures Long Term Funding from US Private Placement
Nuplex Secures Long Term Funding from US Private Placement Market
Nuplex Industries ('Nuplex') is pleased to report;
o The raising of US$105 million of debt from the US Private Placement market
('US PP') with settlement on July 30,2012
o The Company intends to redeem the NZ$52.6m of Capital Notes on 15 September
2012 using funds from existing bank facilities.
Long term debt secured
Nuplex's USPP raising comprises of US$105m of notes maturing in 2019 at a
coupon rate of 6.125%.
The funds raised via this transaction will be used to refinance the 12 month
facility put in place to acquire Viverso's operations and related products on
31 December 2011. The US dollar proceeds will be converted into Euros via a
cross currency swap.
Nuplex's Chief Financial Officer, Ian Davis, said: "By raising funds in the
USPP market we have been able to access long term, fixed price debt which
balances and strengthens our overall funding position by extending our
maturity profile and diversifying our funding sources."
"It is pleasing to have the long term funding for our recent acquisition
secured" said Nuplex's Chairman, Rob Aitken. "On a recent visit to the new
Bitterfeld site, my fellow directors and I were very impressed with the
calibre of the employees, the quality of the acquired assets and progress of
the integration of the Viverso operations.
"Whilst in Germany, we also attended a number of customer meetings in which
the importance of having local German operations was apparent. We are excited
about the opportunities this acquisition opens up for Nuplex in Germany and
Eastern and Central Europe."
Intention to redeem Capital Notes
Following the proposed redemption of the Capital Notes in September,
Nuplex's total debt facilities will be comprised of the USPP US$105 million
and the existing A$200 million bank facilities.
"Last year's refinancing of our banking facilities and their realignment with
our ongoing needs has contributed significantly to reducing Nuplex's average
funding cost from around 12% at the end of the 2011 financial year to
approximately 8% at the end of the 2012 financial year.The redemption of the
Capital Notes and the long term USPP funds will reduce our average funding
cost further" Mr Davis said.
For further information, please contact:
Josie Ashton, Investor Relations ? +612 8036 0906 ? [email protected]
End CA:00223964 For:NPX Type:PLACE Time:2012-06-18 09:56:19
