HANSON U.S./U.K. REFINANCING OVERSUBSCRIBED
HANSON U.S./U.K. REFINANCING OVERSUBSCRIBED NEW YORK, Nov. 14 /PRNewswire/ -- Lord Hanson, chairman of Hanson
PLC, said today, "The banking community has again demonstrated its commitment to us by oversubscribing for our recent refinancing proposals including the acquisition of Beazer PLC. The great majority of the banks concerned have supported us in this both in the U.S.A. and the U.K."
Hanson Industries received over $7 billion (4 billion pounds sterling) in commitments from major international banks for the refinancing of existing bank debt, the acquisition of Beazer and refinancing its debt. Hanson Industries' seven year financing requirement, however, is now $3.2 billion, against the $4 billion (2.25 billion pounds) originally planned. In the U.K. the original 3.1 billion pounds ($5.5 billion) financing proposal was for 400 million pounds ($710 million) in respect of Beazer and 2.7 billion pounds ($4.8 billion) to extend the company's present arrangements to November 1992, of which 1.8 billion pounds ($3.2 billion) would then continue to be available to November 1995. The U.K. financing is led by National Westminster, Barclay's, and Credit Suisse Banks as syndicating agents. Credit Lyonnais, Fuji, Sanwa and Sumitomo Banks are co-agents, with a further 34 major international banks in support. In the U.S.A., Chemical Bank is administrative agent with Citibank and Swiss Bank as syndication co-agents. ABN/Amro, HongKong & Shanghai and Toronto Dominion Banks are co-agents. Hanson Industries Chairman, Lord White, said, "The strength of our current bank relationships, demonstrated by these financing commitments, makes us very pleased with the confidence our banks have shown." Hanson PLC (NYSE: HAN) is a British-American industrial management corporation. In the U.S., Hanson Industries' operations include SCM Chemicals, Peabody Coal and Powder River Coal, Cavenham Forest Industries, Jacuzzi, Grove Crane, Ames Tools, Endicott Johnson Footwear, Hanson Lighting Group, Kaiser Cement, Weber Aircraft, Farberware Cookware, and Gold Fields Mining, among others. In the United Kingdom, Hanson's holdings include Imperial Tobacco, Ever Ready Batteries, ARC Aggregates, London Brick, Butterley Brick, and Smith Meters. -0- 11/14/91 /CONTACT: Robert E. Lee of Hanson Industries, 212-826-0098/ (HAN) CO: Hanson PLC ST: IN: SU: FNC JT -- NY047 -- 4381 11/14/91 11:23 EST
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|Date:||Nov 14, 1991|
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