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Name | Symbol | Market | Type |
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Wt Batterymetal | LSE:WATT | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 17.5875 | 17.36 | 17.47 | 0 | 12:00:22 |
RNS No 9603q WATTS BLAKE BEARNE & CO PLC 5th march 1998 Watts Blake Bearne & Co PLC : US$55M Loan Note Placing Watts Blake Bearne & Co PLC, the world's largest producer of plastic clay and key raw material supplier to the world's ceramics industry, announces it has completed a placement of US$55 million of unsecured loan notes with three US based institutional investors. The funds have been provided with a ten year maturity and allow WBB to take advantage of historically low interest rates. The proceeds of the placement have been used to repay current banking facilities and have been partially swapped into German Marks to provide the Group with a currency hedge against its German assets. Net gearing for the Group remains modest at just under 29%. Group Finance Director, Dr Michael Young said: "The private placement has enabled us to extend considerably the average maturity of our debt, at a favourable price by historic standards. Our already sound balance sheet has thereby been further strengthened. The long-term nature of our assets have been better recognised in our debt profile. Additionally, we have increased the availability of funds for future investments." Commenting on the placement, Chief Executive Dr Graham Lawson said: At WBB our strategy for growth is clear and we intend to continue to pursue opportunities for geographic expansion where markets and reserves can be identified. Our business is both global and long-term in nature; this transaction reinforces both tenets. SPP Hambro & Co L.L.C. and Lloyds Bank plc were joint agents and financial advisers on the transaction. Enquiries:- W J C Watts Esq Watts Blake Bearne & Co PLC Telephone : 01626 332345 END MSCUBUMWWBGRUBA
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