USD200 Million Private Placement

RNS Number : 1502M

Kingspan Group PLC

11 August 2011

 

Kingspan Group Plc

Private placement raises USD200 million

 

11 August 2011

Kingspan Group plc ("Kingspan"), the global leader in high performance insulation and building envelope solutions, is pleased to announce that it has successfully completed a USD200 million private placement of 10 year senior loan notes. The notes are unsecured, ranking pari passu with Kingspan's existing senior debt, and have a fixed coupon rate of 5.25%, which has been hedged to give the Company a mix of fixed and floating interest rates.

The proceeds, which have in part been converted into GBP, will be used to repay existing bank borrowings and for general corporate purposes.

The placement has been facilitated and arranged by The Royal Bank of Scotland plc (RBS) acting as Placement Agent, with RBS and HSBC Bank plc jointly co-ordinating the swap auction.

Mr. Geoff Doherty, Kingspan's Chief Financial Officer, said:

"We are pleased with the very positive response to the placement from an important capital market.  The transaction was three times over-subscribed, and due to the strong investor demand the placing was increased from USD125 million to USD200 million. It improves our capital structure by lengthening our debt maturity profile at very competitive interest rates, and it affords Kingspan significant financing headroom as we seek to develop our business globally."

For further information contact:

Geoff Doherty Chief Financial Officer	[phone]
Ronan Dowling General Manager Finance	[phone]

 

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