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Senior secures $120 million through loan notes

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Senior (LSE: SNR), the FTSE 250 manufacturing group, announced that it had issued $120 million of new loan notes through three tranches of loan notes. The new loan notes carry a weighted average fixed coupon rate of 6.77% per annum.

Senior said it would use the new funds to repay $75 million of loan notes which mature on 22 October 2008, and to reduce the level of borrowings under the Group's existing £80m revolving credit facility. 

At the end of September 2008, the Group had net debt of £130m.

Mark Rollins, Group Chief Executive, commented:  “Given the ongoing uncertainty in the financial markets, it is pleasing to report that the new facility secures the Group's funding requirements for the foreseeable future.  Senior remains strongly cash generative”.

Quick facts: Senior PLC

Price: 61.3 GBX

LSE:SNR
Market: LSE
Market Cap: £257.1 m
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