LONDON--(Marketwire - February 26, 2009) - Smiths Group plc ("Smiths") announced today that it
has completed the raising of additional long-term debt capital from the
issue of US$175m of Senior Notes ("Notes") in the US private placement
market with a fixed 9 year maturity and a fixed coupon of 7.37%, the coupon
having been set earlier in the year.
Smiths will use the proceeds from the Notes for general corporate purposes
and to repay short-term borrowings drawn from committed bank facilities.
These committed bank facilities are available to Smiths until June 2012 and
will continue unchanged.
The Notes have been issued by Smiths and have been co-guaranteed by Smiths
Group International Holdings Limited. The Notes will rank pari passu with
all Smiths' existing unsecured indebtedness.
The Notes have been purchased by a single debt investor, Pricoa Capital
Group, which is an existing investor in Smiths through its participation in
the US$250m Senior Notes maturing in 2013.
John Langston, Finance Director of Smiths Group, said "We are delighted to
have completed this debt financing at the same time as extending our long
term relationship with a leader in the US private debt market. This
transaction increases liquidity at the Group and significantly extends the
maturity of our debt".
Marie Fioramonti, managing director, Pricoa Capital Group said, "Smiths
Group is an investment-grade company that we know well and like. Its
diversified range of businesses, both by geography and sector, provide
underlying security and predictable cash flows, well-suited for a long-term
private placement. We are delighted to be continuing our relationship with
About Smiths Group
Smiths is a global technology company listed on the London Stock Exchange.
A world leader in the practical application of advanced technologies,
Smiths Group delivers products and services for the threat & contraband
detection, energy, medical devices, communications and engineered
components markets worldwide. Our products and services make the world
safer, healthier and more productive.