IMI Gets $175 Million in Private Funds via HSBC/RBS
June 22, 2009
U.K.-based engineering company IMI plc got $175 million in funds last week in a private placement led by HSBC Securities and RBS Greenwich Capital, sources confirmed.
The deal was split into two tranches; a $75 million, seven-year bullet, and a $100 million, 10-year bullet. Both tranches priced at 380 basis points over Treasurys for coupons of 7.26% for the seven-year and 7.61% for the 10-year. The deal garnered more than $400 million in interest, and eight investors participated.
IMI is publicly-traded on the London Stock Exchange [Ticker:IMI.L] and has a market cap of ₤1.1 billion ($1.79 billion). The company provides engineering solutions for five main business segments; severe service, fluid power, indoor climate, beverage dispense, and merchandising. The company employs more than 14,000 people in 30 countries around the world.—GC
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