RHI Magnesita N.V. Completion of Term Loan Refinancing (5341I)
March 22 2018 - 2:01AM
UK Regulatory
TIDMRHIM
RNS Number : 5341I
RHI Magnesita N.V.
22 March 2018
RHI Magnesita N.V.
("RHI Magnesita" or the "Company")
COMPLETION OF TERM LOAN REFINANCING
22 March 2018, London - RHI Magnesita N.V. (LSE: RHIM), a global
leading supplier of refractory products, systems and services,
announces that it has signed an agreement to refinance existing
facilities with a new EUR305.6 million 5 year term loan, with an
initial cost of Euribor (no floor) + 75bps. This new term loan
replaces the existing EUR477.2 million syndicated term and
revolving loan agreement executed in July 2017, for which only
EUR266.5m had been drawn down. The Company expects the loan to be
disbursed in 30 days, subject to certain standard conditions
precedent.
The refinancing extends the final maturity of the term loan by
one year, from June 2022 to June 2023, and allows the Company
flexibility to pursue further balance sheet and funding cost
synergies. Following the refinancing, RHI Magnesita will continue
to have ample liquidity and cash flows to meet its short term
obligations, including the outflow in connection with the
Integrated Tender Offer for the minority shares of Magnesita
Refratários S.A.
This initiative is in connection with Company's focus on
strengthening its financial positon, improving free cash flow and
reducing its interest expenses.
About RHI Magnesita
RHI Magnesita is the result of the combination of RHI and
Magnesita to form the global leading supplier of high-grade
refractory products, systems and services which are indispensable
for industrial high-temperature processes exceeding 1,200degC in a
wide range of industries, including steel, cement, non-ferrous
metals, and glass, among others. With a vertically integrated value
chain, from raw materials to refractory products and full
performance-based solutions, RHI Magnesita serves more than 10,000
customers in nearly all countries around the world.
The Company has unmatched geographic diversification with more
than 14,000 employees in 35 main production sites and more than 70
sales offices. RHI Magnesita intends to use its global leadership
position in terms of revenue, greater scale, complementary product
portfolio and diversified geographic presence around the world to
target opportunistically those countries and regions benefitting
from more dynamic economic growth prospects.
For more information please visit: www.rhimagnesita.com
Enquiries:
RHI Magnesita N.V.
Eduardo Gotilla, Head of Corporate Finance and Investor
Relations
Tel +44 (0) 20 3823 3661
E-mail: eduardo.gotilla@rhimagnesita.com
Stefan Rathausky, Head of Corporate Communications
Tel +43 50213-6059
E-mail: stefan.rathausky@rhimagnesita.com
This information is provided by RNS
The company news service from the London Stock Exchange
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