SIG refinances £130m in private notes

(ShareCast News) - Building products distributor SIG said it had refinanced £130m of private placement notes, which are due to mature in November 2016, "on attractive terms with existing investors".The refinancing involved issuing £83m in new private placement notes on a bilateral basis, with a 10 year maturity, and by increasing the Group's existing revolving credit facility by £100m to £350m, with a five year maturity, SIG said."As a result the group's total debt facilities have increased by £53m to £531m at current exchange rates, with unchanged covenants," the company said in a statement."These facilities ensure SIG has enhanced funding headroom and liquidity to support its medium-term strategic plans. The group continues to aim to target leverage at c.1.5x in the medium-term through a slower pace of acquisitions and by moderating capital expenditure." SIG