RHI Magnesita N.V. New Term Loan and Multi-currency Credit Facility (8908W)
August 06 2018 - 2:01AM
UK Regulatory
TIDMRHIM
RNS Number : 8908W
RHI Magnesita N.V.
06 August 2018
RHI Magnesita N.V.
("RHI Magnesita" or the "Company")
New US$600 Million 5-year Term Loan and Multi-currency Revolving
Credit Facility
RHI Magnesita N.V. (LSE: RHIM), a global leading supplier of
refractory products, systems and services, announces the successful
syndication of a new unsecured US$600 million 5-year term loan and
multi-currency revolving credit facility with a syndicate of 10
international banks. The initial margin on the Term Loan is 100bps
and 75bps for the RCF.
The proceeds of the new facility will be used to redeem the
entire amount of the outstanding Magnesita Perpetual Bonds and
prepay other short-term facilities, which will generate significant
interest expense savings. The new Term Loan & RCF moves RHIM
into an investment grade-style capital structure, further extends
our amortization profile, increases our liquidity and allows the
Company flexibility and strength to pursue its long-term
strategy.
The facility was financed by a combination of new and historic
relationships, which now compose our core banking group and
provides diversified global support across all geographies where
RHIM is present.
This initiative is in connection with Company's focus on
strengthening its financial position, 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
E-mail: eduardo.gotilla@rhimagnesita.com
Stefan Rathausky, Head of Corporate Communications
E-mail: stefan.rathausky@rhimagnesita.com
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END
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