Meggitt Raises $600m of Debt
Monday, June 21, 2010 7:12
Meggitt, the defence equipment supplier, has raised $600 million in new debt, which will be used to replace some of the group’s existing facilities, which had been due to expire in 2012 and 2013.
The fundraising is split between $250 million to be drawn down this month and the remaining $350 million in October. The group’s initial debt offering of $200 million had been subscribed five times, so Meggitt wascapable to increase the fundraising to $600 million without any significant change in couopon.
According to Meggitt, it is said that the covenant conditions on the new debt were similar to those on its existing debts. Part of the newly raised debt will switch to a floating interest rate, beginning later this year, though the group didn’t indicate how much of the debt would switch to floating rate.
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