Refinancing debt.

CRH borrows £400m in bond sale

Published:  02 December, 2010

DUBLIN: Building materials group CRH intends to borrow at least £400m from US institutions in a bond sale announced following the close of business in New York last night.

CRH will use the money to refinance existing debt and extend the period in which it has to repay bonds it has issued previously.

The bonds will be a mix of instruments that mature in five and 10 years.

The company had not finalised details yesterday but the debt is likely to attract an overall interest rate of less than 6%. The company regularly refinances parts of its debt, much of which is in the form of bonds issued to US and European institutions.

The group said it has been planning the bond issue for some time but the level of interest in the offer prompted it to increase the amount that it intends to raise.

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