Sheffield-based specialist construction products company SIG 'delighted' with response from investors

In a statement, SIG said: "Further to the announcement of 1 November 2021, SIG plc and together with its subsidiaries is pleased to confirm that it has successfully priced the offering of €300,000,000 of 5.25% fixed rate senior secured notes due 2026."

The company will use the net proceeds from the offering of the notes to repay its existing private placement notes and existing credit facilities.

It will also fund cash on the group's balance sheet for general corporate purposes, SIG said.

The statement added: "The company is also pleased to confirm that, in conjunction with the pricing of the offering, it has entered into a new revolving credit facility agreement that provides for aggregate borrowings of up to an equivalent of £50,000,000 with a group of relationship banks, which initially will be undrawn."

Steve Francis, Chief Executive Officer, commented: "We are delighted with the response we have received from investors. The success of this transaction enables us to refinance our existing facilities well ahead of their maturity dates and on more attractive terms.

"Together with our new revolving credit facility, the notes further improve the group's financial flexibility by extending the maturity profile of the group's borrowings and increasing its available liquidity.

"This will provide a strong base from which to drive forward our "Return to Growth" strategy, which has delivered notable improvements in growth and profitability to date, and which we are increasingly confident will continue to deliver value for all stakeholders in the near and longer term."

"On behalf of the board, I wish to thank our bond investors for their support, and for the confidence they have shown in the group's strategy and outlook."