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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.

Plant Health Care dropped by 36.8% to 110p after the seed technology company warned of lower-than-expected sales of its Harpin product to Monsanto, the US biotechnology company that is its key customer.
Evolution Securities responded to the news by cutting its 2011 earnings per share forecast from 12.2 cents to just 1.2 cents.
According to the broker, it is said that the weak demand for Monsanto’s genetically modified soyabeans suggests the US group needs to rethink marketing and it will delay Plant’s move into profitability.

After bonds in the periphery countries of the eurozone all sank on renewed concerns over fiscal deficits, the stock markets were cautious and the euro eased against the dollar.
The bonds of Spain, Portugal and Greece fell in tandem, pushing their yields sharply higher and their spreads over benchmark German Bunds wider, as nerves crept back into the debt markets after several days of relative calm.
The analysts expected that some retracement given tha lots of global stock indices had advanced strongly over the past week.

A private equity controlled North Sea oil companies–Fairfild Energy, will initiate a $ 500m London stock market flotation, which is likely to create one of the 10 largest independent UK oil companies.
According to people who are close to the company, it is said that the listing could value the company at more than $1 billion and put it into the FTSE 250 index. Fairfild must still decide the size of the stake to be sold, but the company is expected to list on the main market of the end of July.
The bulk of the $500 million that is to be expected to increase, is likely areas are used, with about $100 million for the development of its North Sea Dunlin go towards exploration.

The struggling nightclub operator—Luminar, is believed to have drafted in advisers from PwC to help it restructure its debt as the company looks to avoid breaching banking covenants when they are tested in August.
The company, which has endured torrid trading as rising youth unemployment kept more of its core customer market of 18-to-24-year-olds at home, has seen its shares fall by 93% over the past year following three profit warnings.
The stock fell another 6% to a fresh low of 8.75p, extending losses for investors who bought into the company’s discounted equity issue at 95p a share in July last year.

Shareholders in British Sky Broadcasting welcomed the defiant stance of its independent directors, who are holding out for at least a £1bn increase in a proposed bid from News Corp. Though it may be up to a year before a formal bid is tabled by News Corp for the 60.9% of the satellite broadcaster it coes not already own, three top 15 shareholders gave their full support to the independent directors.

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