REG - Weir Group PLC - Pricing of Sustainability-Linked Notes

WeirAnnouncement

08/06/2023 07:00

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RNS Number : 0258C  Weir Group PLC  08 June 2023

8 June 2023

Announcement of pricing of £300 million Sustainability-Linked Notes

The Weir Group PLC ("Weir"), a global mining technology leader, today
announces that it has priced the offering (the "Offering") of £300 million
aggregate principal amount of 6.875% Sustainability-Linked Notes due 14 June
2028 (the "Notes").

John Heasley, Chief Financial Officer, said:

"We are delighted with the positive response to the Group's debut investment
grade sterling denominated bond offering. The net proceeds of the offering
will be used to repay existing borrowings and for other general corporate
purposes. As well as further strengthening our balance sheet with long-dated
liquidity, the structuring of the offering as Sustainability-Linked notes
underlines our commitment to reducing our environmental impact in line with
our sustainability roadmap and ambitious SBTi approved targets."

The Notes will initially bear interest at a rate of 6.875% per annum to be
paid annually in arrears on 14 June in each year. The interest on the Notes
will be linked to achievement of Weir's Sustainability Performance Target
("SPT") to reduce absolute scope 1&2 market-based CO2e by 19.1% by 2026
from a 2019 baseline.  The interest rate applicable to the Notes will
increase by 0.75% at maturity for the final coupon if the Group does not
attain its SPT as of 31 December 2026.

The Offering is expected to settle and close on 14 June 2023, subject to
customary conditions precedent for similar transactions.

Application has been made for the Notes to be admitted to the Official List of
Euronext Dublin and to trading on the Global Exchange Market of Euronext
Dublin.

 

IMPORTANT INFORMATION

The distribution of this announcement in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement comes are
required to inform themselves about and to observe any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the
securities laws of any such jurisdiction.

This announcement does not constitute an offer or an invitation to subscribe,
purchase or otherwise acquire any Notes. The Notes have not been, and will not
be, registered under the U.S. Securities Act of 1933, as amended (the
''Securities Act''), or with any securities regulatory authority of any state
or other jurisdiction of the United States, or any securities laws of any
other jurisdiction. Accordingly, the Notes may not be offered, sold, resold,
pledged, delivered or transferred, directly or indirectly, into or within the
United States or to or for the account or benefit of "U.S. Persons" (as
defined in Regulation S under the Securities Act).

This announcement is for distribution only to persons who are (i) outside the
United Kingdom (ii) have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the ''Financial
Promotion Order''), (iii) are persons falling within Article 49(2)(a) to (d)
(high net worth companies, unincorporated associations, etc.) of the Financial
Promotion Order or (iv) are persons to whom an invitation or inducement to
engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000, as amended (the ''FSMA'')) in
connection with the issue or sale of any Notes may otherwise lawfully be
communicated or caused to be communicated pursuant to the Financial Promotion
Order (all such persons together being referred to as ''relevant persons'').
This announcement is directed only at relevant persons and must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.

The Notes are not intended to be offered, sold or otherwise made available to
and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area ("EEA"). For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European
Parliament and of the Council on markets in financial instruments (as amended,
"MiFID II") ; or (ii) a customer within the meaning of Directive (EU) 2016/97
(as amended or superseded, the ''Insurance Distribution Directive''), where
that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II. Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as amended, the ''PRIIPs
Regulation'') for offering or selling the Notes or otherwise making them
available to retail investors in the EEA. has been prepared and therefore
offering or selling Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.

The Notes are not intended to be offered, sold or otherwise made available to
and should not be offered, sold or otherwise made available to any retail
investor in the United Kingdom. For these purposes, a retail investor means a
person who is one (or more) of: (i) a retail client, as defined in point (8)
of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA"); or
(ii) a customer within the meaning of the provisions of the Financial Services
and Markets Act 2000 (the "FSMA") and any rules or regulations made under the
FSMA to implement the Insurance Distribution Directive, where that customer
would not qualify as a professional client, as defined in point (8) of Article
2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by
virtue of the EUWA. Consequently, no key information document required by the
PRIIPs Regulation as it forms part of UK domestic law by virtue of the EUWA
(the ''U.K. PRIIPs Regulation'') for offering or selling the Notes or
otherwise making them available to retail investors in the U.K. has been
prepared and therefore offering or selling the Notes or otherwise making them
available to any retail investor in the U.K. may be unlawful under the U.K.
PRIIPs Regulation.

 

Statements herein may be "forward-looking statements" within the meaning of
applicable securities laws and regulations. These views are based on a number
of assumptions and are subject to various known and unknown risks,
uncertainties and other facts, which in some cases are beyond our control.
Such forward-looking statements are not guarantees of future performance and
no assurance can be given that any future events will occur, that projections
will be achieved or that Weir's assumptions will prove to be correct

 

 Enquiries:
 Investors: Edward Pears   +44 (0) 141 308 3725

 Media: Sally Jones        +44 (0) 141 308 3666

 Citigate Dewe Rogerson:   +44 (0) 207 638 9571

 Kevin Smith               Weir@citigatedewerogerson.com (mailto:Weir@citigatedewerogerson.com)

 

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering
businesses with a purpose to make its mining and infrastructure customers'
operations more sustainable and efficient. Weir's highly engineered technology
enables critical resources to be produced using less energy, water and waste
while reducing customers' total cost of ownership. The Group is ideally
positioned to benefit from structural trends that support long-term demand for
its technology including the need for more essential metals to support
economic development and carbon transition. The Group has c.12,000 employees
operating in over 60 countries with a presence in every major mining region of
the world. Find out more at www.global.weir (http://www.global.weir) .

 

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN)
and its American Depositary Receipts trade over-the-counter in the USA
(ticker: WEGRY).

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