Cookson arrange new credit facility

Cookson Group plc, the international materials technology company, announces that it has arranged a new £188 million credit facility. This new facility, in which eleven banks have participated, was over-subscribed in syndication with three new members joining the Group’s existing bank group.The new facility consists of two tranches: a £108 million revolving credit facility with a maturity of December 2006; and a term facility of £80 million with a maturity of December 2005 which will be made available to repay the Group’s convertible bonds which mature in November 2004. The new facility, which is secured on certain assets of the Group’s subsidiaries, replaces the secured facility that was due to mature in September 2004 and has been structured as an amendment and restatement of the previous facility.Taking account of the new facility and the Group’s private placement loan notes, Cookson will have total committed borrowing facilities of some £520 million, with maturities ranging from December 2005 to May 2012. The Group’s gross borrowings at 30 June 2003 were £428 million.Source: PCBnewsline