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RNS Number : 2347Z
Vesuvius plc
17 September 2020
17 September 2020
Debt and liquidity update
Vesuvius plc, a global leader in molten metal flow engineering
and technology, releases the following update on its debt and
liquidity.
Early redemption of the Bank of England's Covid Corporate
Financing Facility (CCFF)
We have elected to repay the debt issued through the Bank of
England's Covid Corporate Financing Facility (CCFF) earlier than
its March 2021 maturity, as a result of our positive free cash flow
generation in recent months and early signs of marginally improving
levels of business activity. As a result, yesterday we notified the
Bank of England of our intention to repay in full the GBP200m of
debt issued through the CCFF, which we accessed in April 2020 to
reinforce our liquidity position.
Early redemption of US$140m US Private Placement (USPP)
completed in-line with disclosure in our H1 2020 results
On 27 August, we also repaid the US$140m USPP maturing in
December 2020, consistent with the plans disclosed in our 2020 Half
Year Results announcement, released on 30 July 2020. The redemption
of this USPP was funded by the proceeds of the new USPP of the same
size which was issued earlier this year. As a result of this
redemption, our debt covenant limit of 3.0x net debt/LTM EBITDA,
has increased to 3.25x.
Available liquidity
Our liquidity stood at GBP416m at the end of August, following
both the repayment of the USPP notes and pro forma for the
repayment of the GBP200m CCFF, which will take place in the week
commencing 21 September 2020. Following these debt repayments, our
liquidity is GBP41m higher than at the end of February 2020, prior
to the Covid-19 crisis impacting our financial results.
For further information, please contact:
Shareholder/analyst
enquiries:
+44 (0) 20 7822
Guy Young, Chief Financial Officer 0000
Euan Drysdale, Group Head of Corporate +44 (0) 7584
Finance 641315
Pamela Antay, Head of Investor +44 (0) 7827
Vesuvius plc Relations 802277
Media enquiries:
Andrew Jaques/ Ollie Hoare/ Peter +44 (0) 203
MHP Communications Lambie 128 8100
About Vesuvius plc
Vesuvius is a global leader in molten metal flow engineering and
technology, serving process industries operating in challenging
high-temperature conditions.
We develop innovative and customised solutions, often used in
extremely demanding industrial environments, which enable our
customers to improve their manufacturing processes, enhance product
quality and reduce energy consumption. These include flow control
solutions, advanced refractories and other consumable products and
- increasingly - related technical services including data
capture.
We have a worldwide presence. We serve our customers through a
network of low-cost manufacturing plants located close to their own
facilities, and embed our industry experts within their operations,
who are all supported by our global technology centres.
Our core competitive strengths are our market and technology
leadership, strong customer relationships, well established
presence in developing markets and our global reach, all of which
facilitate the expansion of our addressable markets.
Our ultimate goal is to create value for our customers, and to
deliver sustainable, profitable growth for our shareholders giving
a superior return on their investment whilst providing each of our
employees with a safe workplace where he or she is recognised,
developed and properly rewarded.
Forward looking statements
This announcement contains certain forward-looking statements
which may include reference to one or more of the following: the
Group's financial condition, results of operations, cash flows,
dividends, financing plans, business strategies, operating
efficiencies or synergies, budgets, capital and other expenditures,
competitive positions, growth opportunities for existing products,
plans and objectives of management and other matters.
Statements in this announcement that are not historical facts
are hereby identified as "forward-looking statements". Such forward
looking statements, including, without limitation, those relating
to the future business prospects, revenue, working capital,
liquidity, capital needs, interest costs and income, in each case
relating to Vesuvius, wherever they occur in this announcement, are
necessarily based on assumptions reflecting the views of Vesuvius
and involve a number of known and unknown risks, uncertainties and
other factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
by the forward looking statements. Such forward looking statements
should, therefore, be considered in light of various important
factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking
statements. These include without limitation: economic and business
cycles; the terms and conditions of Vesuvius' financing
arrangements; foreign currency rate fluctuations; competition in
Vesuvius' principal markets; acquisitions or disposals of
businesses or assets; and trends in Vesuvius' principal
industries.
The foregoing list of important factors is not exhaustive. When
considering forward looking statements, careful consideration
should be given to the foregoing factors and other uncertainties
and events, as well as factors described in documents the Company
files with the UK regulator from time to time including its annual
reports and accounts.
You should not place undue reliance on such forward-looking
statements which speak only as of the date on which they are made.
Except as required by the Rules of the UK Listing Authority and the
London Stock Exchange and applicable law, Vesuvius undertakes no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this
announcement might not occur.
Vesuvius plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 8217766
LEI: 213800ORZ521W585SY02
www.vesuvius.com
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