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1 May 2009 18:04
Completion of refinancing
The Morgan Crucible Company plc today announces the signing of a new 3 year multi-currency facility for £280m from a syndicate of eight banks. This will replace the existing $420m facility which was due to mature in March 2010 with a new loan of comparable size and with the same financial covenants.
Kevin Dangerfield, Group CFO said:
"I am delighted to announce the renewal of our banking facilities well ahead of the maturity of the existing bank lending arrangements. In addition to the continuing support of our main existing banks we are particularly pleased that three new relationship banks have joined the syndicate which we believe represents a strong endorsement in the current economic climate of Morgan Crucible's financial position and prospects."
The Morgan Crucible Company plc will issue its Interim Management Statement for the first quarter on Friday May 15th 2009.
For further enquiries:
The Morgan Crucible Company plc
Mark Robertshaw / Kevin Dangerfield 01753 837000
Finsbury
Mike Smith / Clare Strange 020 7251 3801
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