Morgan Advanced Materials completes refinancing with £200m facility

Morgan Advanced Materials has entered into a new banking financing agreement to replace its existing facility, it announced on Friday which was due to mature in October 2019.

The FTSE 250 company said the new £200m syndicated revolving credit facility had a maturity of five years to September 2023, with two additional one year extension options at the discretion of the banks, and was secured on terms “substantially equivalent” to the existing facility.

“This refinancing further extends the maturity of the group's outstanding indebtedness,” the firm’s board said in its statement.