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