27 May 2011
Fenner PLC ("Fenner" or the "Company")
US$200 million private placement
Fenner is pleased to announce a placing with institutional investors of US dollar private placement loan notes.
The issue consists of US $200 million Senior Guaranteed Loan Notes with maturities of 10 and 12 years at an average coupon of 5.3%. Funding will take place in June and August 2011.
The proceeds of the issue will be used to repay existing debt and to support the Group's growth.
Richard Perry, Fenner Group Finance Director commented:
"We are pleased that the notes are being placed with a number of high quality US based investors, some of whom are new to Fenner, and is a successful return to the private placement market after previous issues in 2007 and the mid 1990s. The strong demand from investors clearly reflects confidence in our end user markets and their prospects for the future.
These notes enable us to further expand our funding sources and extend our debt maturity profile at an attractive price, providing a stable funding structure, whilst supporting the further development of the Group."
Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
For further information please contact:
Nicholas Hobson, Chief Executive 01482 626501
Richard Perry, Finance Director
Weber Shandwick Financial
Nick Oborne/ Stephanie Badjonat 020 7067 0700