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[December 2003]
Waterford Wedgwood's Subordinated Bond Successfully Priced
Waterford Wedgwood announced on 27 November 2003 that its offering of subordinated bonds in the principal amount of €166 million due 2010 had been successfully priced at a coupon of 9.875%, in line with expectations. The offering of the subordinated bonds (issued at 99.381%), which was oversubscribed, was expected to close on 1 December 2003.
Waterford Wedgwood said it had also completed agreements amending and restating its revolving credit facilities, certain of its other senior debt facilities and its Private Placement Notes. These arrangements, together with the previously announced conditional Rights Issue, add to the group's liquidity, extend the maturity of its indebtedness and further solidify its long-term capital structure.
CEO Redmond O'Donoghue commented: "We are pleased at the completion of our bond, which was over-subscribed. The successful completion of this offering, combined with our fully underwritten rights issue and our new, reduced senior debt structure, sets a solid foundation for Waterford Wedgwood's future growth".
ENDS