Travis Perkins PLC
27 January 2006
27 January 2006
Travis Perkins PLC
Diversification of Debt Facilities
Travis Perkins announces that it has raised $400m through a private placement of
fixed rate guaranteed unsecured notes (the 'Notes') with a broad range of US
financial institutions. As a result of strong demand for the Notes the company
was pleased to raise $150m more than its initial target.
The net proceeds, which have been swapped into sterling at variable rates, will
be used to refinance approximately half of the Group's existing £500m term loan
reducing it to £270m. With $200m of the Notes repayable in 7 years and the
remainder in 10 years, the private placement both diversifies our funding
sources and extends the maturity of our debt profile at competitive rates.
As part of the process of reviewing the terms and structure of its debt, the
company has also reached agreement with its banking syndicate to bring the
financial covenants on the remaining £970m of its UK bank facility in line with
those on the US private placement, increasing the company's flexibility.
Travis Perkins was advised by RBS.
Enquiries:
Paul Hampden Smith, Finance Director
Travis Perkins PLC +44 (0) 1604 683112
David Bick
Holborn Public Relations +44 (0) 207 929 5599
ends
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