LONDON -- (MARKET WIRE) -- 02/26/09 -- Smiths Group plc ("Smiths")
announced today that it has completed the raising of additional
long-term debt capital from the issue of US$175m of Senior Notes
("Notes") in the US private placement market with a fixed 9 year
maturity and a fixed coupon of 7.37%, the coupon having been set
earlier in the year.
Smiths will use the proceeds from the Notes for general corporate
purposes and to repay short-term borrowings drawn from committed bank
facilities. These committed bank facilities are available to Smiths
until June 2012 and will continue unchanged.
The Notes have been issued by Smiths and have been co-guaranteed by
Smiths Group International Holdings Limited. The Notes will rank
pari
passu with all Smiths' existing unsecured indebtedness.
The Notes have been purchased by a single debt investor, Pricoa
Capital Group, which is an existing investor in Smiths through its
participation in the US$250m Senior Notes maturing in 2013.
John Langston, Finance Director of Smiths Group, said "We are
delighted to have completed this debt financing at the same time as
extending our long term relationship with a leader in the US private
debt market. This transaction increases liquidity at the Group and
significantly extends the maturity of our debt".
Marie Fioramonti, managing director, Pricoa Capital Group said,
"Smiths Group is an investment-grade company that we know well and
like. Its diversified range of businesses, both by geography and
sector, provide underlying security and predictable cash flows,
well-suited for a long-term private placement. We are delighted to
be continuing our relationship with Smiths"
About Smiths Group
Smiths is a global technology company listed on the London Stock
Exchange. A world leader in the practical application of advanced
technologies, Smiths Group delivers products and services for the
threat & contraband detection, energy, medical devices,
communications and engineered components markets worldwide. Our
products and services make the world safer, healthier and more
productive.
Investor Relations
Peter Durman
+44 (0)20 7808 5535
+44 (0)7825 145336
Media
Colin McSeveny
+44 (0)20 7808 5534
Anthony Cardew
Cardew Group
+44 (0)20 7930 0777
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