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Prices & Quotes - UK Markets - Synthomer (SYNT)

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Share Price:
Up 529.50p
Change Today:
2.50p
Market Cap:
2,249.59m
Sector:
Chemicals

Synthomer to raise €520m to refinance borrowings

By Sean Farrell

Date: Tuesday 16 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Synthomer announced its intention to raise €520m (465m) of debt to refinance its borrowings as the chemicals company reported sales down by a fifth in April and May.
The FTSE 250 company said it would issue unsecured senior notes due in 2025 to refinance a €520m bridge facility put in place in 2019 to fund its acquisition of Onmnova Solutions. Integration of the purchase is going as expected and is on track for $29.6m (23m) of synergies, Synthomer said.

After a solid start to 2020, volumes were reduced in April and May by Covid-19 as sales to automotive, oil and gas, coatings and other industrial markets fell. Overall volumes were about 20% lower than a strong period a year earlier though business picked up towards the end of May, Synthomer said. The update includes results for Omnova, which became part of Synthomer on 1 April.

"Following the issuance of the notes, Synthomer expects to have a long-term and sustainable financing structure," the company said. "The new financing structure will give Synthomer flexibility to be able to respond to the current challenging macroeconomic environment and in due course be able to take advantage of future growth opportunities."

The company's shares rose 4.7% to 286.40p at 11:58 BST.

Synthomer said its balance sheet was strong with leverage covenant headroom of 4.25 times earnings for 2020 and 4 times for 2021. The company said it had significant liquidity underpinned by a five-year €460m revolving credit facility and $260m of term loan bank facilities.



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Synthomer Market Data

Currency UK Pounds
Price 529.50p
Change Today 2.50p
52 Week High 552.00p
52 Week Low 287.80p
Volume 853,448
Shares Issued 424.85m
Market Cap 2,249.59m

Performance Indicators

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Synthomer Dividends

  Latest Previous
  Final Interim
Ex-Div 03-Jun-21 22-Oct-20
Paid 05-Jul-21 10-Nov-20
Amount 8.60p 3.00p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 132,032 @ 529.50p
16:29 4 @ 526.50p
16:29 152 @ 526.50p
16:29 149 @ 526.50p
16:29 123 @ 526.50p

Synthomer Key Personnel

CEO Calum MacLean
CFO Steve Bennett