Benchmark Holdings PLC Placement of a new senior secured bond issue (0813C)
June 13 2019 - 3:00AM
UK Regulatory
TIDMBMK
RNS Number : 0813C
Benchmark Holdings PLC
13 June 2019
13 June 2019
Benchmark Holdings plc
("Benchmark" or the "Company")
Successful placement of a new senior secured bond issue and
completion of refinancing
Benchmark, the aquaculture health, nutrition and genetics
business, is pleased to confirm that further to the announcement
made on 3 June 2019, the Company has today successfully completed a
new senior secured floating rate listed bond issue of NOK 850
million (USD $95m equivalent). The bond which matures in June 2023,
has a coupon of three months NIBOR* + 5.25% p.a. with quarterly
interest payments. This new bond issue will refinance Benchmark's
existing $90m credit facility. DNB Markets acted as Sole Bookrunner
for the bond issue. As envisaged, a $15m RCF has been provided by
DNB Bank ASA.
The bond issue was significantly oversubscribed and marks the
Company's entry into the Nordic region debt and securities market,
which is globally recognised for its investment in aquaculture,
providing the Company with access to a sector specialist investor
base.
The settlement date for the bond issue is expected to be 21 June
2019. An application will be made for the bonds to be listed on
Oslo Stock Exchange.
*NIBOR - the Norwegian Interbank Offered Rate stood at 1.51% as
at 12 June 2019
Malcolm Pye, Benchmark CEO commented:
"We are delighted to have completed this Nordic bond issue which
is testament to the strong affinity and expertise investors in the
Nordic regions have for the fast growing aquaculture sector. It
also provides the Company with additional flexibility to focus on
the roll-out of our priority products and operate more
efficiently."
- ENDS -
Enquiries
For further information, please contact:
Benchmark Holdings plc Tel: 020 3915 1236
Malcolm Pye, CEO
Mark Plampin, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD) Tel: 020 7260 1000
James Black, Freddie Barnfield, Freddie
Naylor-Leyland
MHP Communications Tel: 020 3128 8742/ 07551 170
451
Katie Hunt / Reg Hoare / Alistair de Kare-Silver benchmark@mphc.com
Benchmark's mission is to drive sustainability in food
production. We are a leading provider of aquaculture solutions in
genetics, health and specialist nutrition. Our focus is on
developing innovative products that help fish and shrimp producers
improve their sustainability and profitability by improving yield,
quality, health and welfare. Our main products are salmon eggs with
superior genetic traits, specialist nutrition products for shrimp
and fish, and health treatments including a sea lice treatment for
salmon. We serve all the major aquaculture markets around the world
and have leading market positions. Benchmark operates in 27
countries, employs 1,066 people and reported revenues of GBP151.5m
in FY 2018.
For further information on Benchmark please visit
www.benchmarkplc.com
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END
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