Kingspan agrees terms for €750m green private placing

Building materials group Kingspan said it had agreed the terms of a new loan that would yield €750 million for the company.

The firm said it had agreed terms for the €750 million green private placement, which it said was the largest such corporate placing globally to date.

The new loan notes were priced on September 10th and are set to close on September 25th. The majority – €580 million – of the notes are euro denominated, with €170 million equivalent in dollars. The weighted average fixed-interest rate is 1.78 per cent per annum, with weighted average maturities of 9.7 years.

"We are delighted to have agreed terms on our first green private placement at a compelling fixed-interest rate. The pricing is a testament to Kingspan's planet passionate strategy and provides long-term capital to further develop the group in the years ahead," said Geoff Doherty, Kingspan group chief financial officer. "As well as extending our maturity profile this transaction will leave us with in excess of €2 billion of cash and committed undrawn facilities."