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MCRO Micro Focus International Plc

532.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Micro Focus International Plc LSE:MCRO London Ordinary Share GB00BJ1F4N75 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 532.00 531.60 531.80 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Micro Focus International plc Successful Completion of Term loan refinancing (4363O)

29/05/2020 5:04pm

UK Regulatory


Micro Focus (LSE:MCRO)
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RNS Number : 4363O

Micro Focus International plc

29 May 2020

29 May 2020

Micro Focus International plc

Successful Completion of Term loan refinancing

Micro Focus International plc ("Micro Focus") announces that it has successfully priced and allocated a Euro 600 million and a USD 650 million Senior Secured Term Loan B (together, the "Facilities"), increased from Euro 400 million and USD 400 million respectively at launch in response to strong investor demand. The new 5-year Facilities, along with $150 million of existing cash reserves, will be used by Micro Focus to fully refinance its existing Senior Secured Term Loan B due November 2021 and pay associated fees and expenses (the "Transaction").

Final pricing for the new 5-year Facilities is 4.50% above EURIBOR (subject to a 0.0% floor) at an original issue discount of 3.0% on the Euro Tranche, and 4.25% above LIBOR (subject to a 1.0% floor) at an original issue discount of 2.5% on the US Dollar denominated tranche.

Following the completion of the Transaction, the average maturity of Micro Focus's debt capital structure has been extended from 3.2 years to 4.2 years, with the next tranche of Term loans due for repayment in June 2024.

The transaction was led by JP Morgan in conjunction with Barclays, HSBC, Natwest, Bank of America and Goldman Sachs. Lazard acted as the company's advisers.

Stephen Murdoch (Chief Executive Officer) said:

"This very positive outcome demonstrates the strength of the Micro Focus proposition and the cash generative qualities of our recurring revenue model. This is an important step as we work to deliver on the operational improvements we set out in our Strategic and Operational Review in February."

This announcement contains information that was previously Inside Information, as that term is defined in the Market Abuse Regulation (Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014) and successor UK legislation.

Enquiries:

   Micro Focus                                                         Tel: +44 (0)1635 32646 
   Stephen Murdoch, CEO                                        Investors@microfocus.com 

Brian McArthur-Muscroft, CFO

Ben Donnelly, Investor relations

   Brunswick                                                           Tel: +44 (0) 20 7404 5959 
   Sarah West                                                           MicroFocus@brunswickgroup.com 

Jonathan Glass

Notes to Editors:

About Micro Focus

Micro Focus (LSE: MCRO.L, NYSE: MFGP) is a global enterprise software company supporting the technology needs and challenges of the Global 2000. Our solutions help organizations leverage existing IT investments, enterprise applications and emerging technologies to address complex, rapidly evolving business requirements while protecting corporate information at all times. Our product portfolios are Security, IT Operations Management, Application Delivery Management, Information Management & Governance and Application Modernization & Connectivity. For more information, visit: www.microfocus.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

May 29, 2020 12:04 ET (16:04 GMT)

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