The owner of DIY woody raises €160m in private placement of us

  • The owner of DIY woody raises €160m in private placement of us
    Independent.t. E.
    Grafton group collected more than €160 million through the issuance of senior unsecured bonds on the us private placement market.
    https://www.independent.ie/business/irish/woodies-diy-owner-raises-160m-in-us-private-placement-37214000.html
    https://www.independent.ie/business/article37213999.ece/d8d72/AUTOCROP/h342/2018-07-12_bus_42411096_I1.JPG

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Grafton group collected more than €160 million through the issuance of senior unsecured bonds on the us private placement market.

On the merchanting and DIY group DIY chain Woodie’s says proceeds will be used to refinance existing debt and for “General corporate purposes”.

The maturity of the debt is ten and twelve years, with an average annual coupon of 2.5 PC.

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In a statement to the stock exchange today, Grafton said that the notes will be issued in September, will help to diversify the group’s sources of funding for re-entry into the US private placement market, extend debt maturities and provide confidence in the cost of borrowings for a long period at attractive prices.

Including financial leasing, Grafton was €354м of total financial liabilities at the end of 2017, for just €59 million over the next four years. Analysts said Davy, placing, therefore, significantly expands the debt of Grafton and provides greater certainty over cost of debt for a long period at the “attractive price”.

Company Grafton grew by 8.6 PC to £1.45 billion (€1.63 billion) in the first six months of this year, helped by good weather. On a constant currency basis, it was 7.9 PC higher. As sales of the group increased by 3.8 PC.

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