Buy Online: Element Six Completes US$ 250 m Syndicated Credit Facilities
Element Six has closed its first ever syndicated loan agreement raising the company US $250 m five-year Credit Facilities. The funds have been used to finance the recent major acquisition of Barat Carbide Holding GmbH and will also be used for general corporate purposes. The Facilities are split equally between a US$ 125 m amortising Term Loan and a US$ 125 m Revolving Credit Facility.
“The Credit Facilities are supporting our ambitious growth plans by giving us financial flexibility when required,” says Mark Lewis, CFO of Element Six. “The funds have already been used to secure the acquisition of Barat Carbide which is of immense strategic importance, allowing Element Six to move into new markets and create novel engineering solutions based on our combined strengths in materials technology.”
“These Facilities also underline our positive trading performance as a leading player in our chosen markets,” adds Mark Lewis, “This is confirmed by the fact that we are working with and supported by some of the leading European financial institutions and specialists in their fields. The syndicated loan facility was led by the Bank of Ireland and Fortis, an international financial services provider engaged in banking and insurance, as joint Mandated Lead Arrangers and Bookrunners. Other banks joining as Co-Arrangers were BNP Paribas, Calyon, Dresner and Lloyds TSB with the Belgian banking and insurance group, KBC, acting as Senior Lead Manager.
In the past year, Element Six has announced several investments in new subsidiaries, partnerships and research activities in addition to its purchase of Barat Carbide. Among these investments are two new subsidiaries; Diamond Microwave Devices (DMD) which is developing novel high frequency semiconductor devices based on diamond, and Diamond Detectors Ltd, which is manufacturing and marketing a new range of radiation detectors. These are examples of new ventures based on materials and innovation developed within Element Six.
Element Six, jointly owned by De Beers and Umicore, is the world’s leading supplier of high quality superabrasives and advanced engineering materials used throughout manufacturing industry for a wide range of applications. It is the forerunner in the development of synthetic diamond and novel engineering materials that are being used in industrial applications that span, for example optical, mechanical, thermal, electronic, automotive, telecommunication and medical industries. With a turnover of more than US$ 500 m and almost 4,000 employees, Element Six has established production and processing plants in China, Germany, Ireland, Sweden, South Africa, Ukraine and the UK supported by a global distribution network.
For more information contact:
John Caldwell, Corporate Communications Manager, Element Six Ltd
Tel: +353 (61) 460015
www.e6.com