Eglisau, Switzerland, Nov. 22--Forbo has concluded a U.S. private placement of $275 million with a group of U.S. insurance company investors. The financing runs in terms of five, seven, and ten years. The issue of Notes was significantly oversubscribed and was increased in size from $150 million to $275 million.
The proceeds will cover general group financing, including the refinancing of existing bank borrowing and the April 2002 acquisition of the Swift adhesives business.
Gerold Zenger, CFO of the Forbo Group said, ²We consider the completion of this debut U.S. private placement a great success, since it ensures long term financing at attractive conditions. In today¹s difficult capital market this kind of financing is an interesting option for Swiss companies with a solid background.³
