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Bond tender secures further reduction in Urenco’s debt
03 July 2020
The tender was announced on 24 June on the Irish Stock Exchange where the Eurobonds were listed and closed on 1 July.
The aim was to repay early some Eurobonds which were originally issued to investors to help finance the enrichment site expansion programme and other major capital projects. The Eurobonds would have matured in 2022.
Urenco’s debt peaked in 2015 at €3.2 billion. Since then, we have generated more cash than our costs and have been able to steadily reduce our debt. At the end of 2019 our net financial debt had been reduced to €928.1 million and we held €787 million of cash.
Gerard Tyler, Group Treasurer, said: “This is another good result and follows a similar exercise in 2019. We have taken the opportunity to use our cash efficiently to manage future debt maturities and reduce future interest payments.”
About Urenco
Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. Operating in a pivotal area of the nuclear fuel supply chain for 50 years, Urenco facilitates zero carbon electricity generation for consumers around the world.
With its head office near London, UK, Urenco’s global presence ensures diversity and security of supply for customers through enrichment facilities in Germany, the Netherlands, the UK and the USA. Using centrifuge technology designed and developed by Urenco, and through the expertise of our people, the Urenco Group provides safe, cost effective and reliable services; operating within a framework of high environmental, social and governance standards, complementing international safeguards.
Urenco is committed to continued investment in the responsible management of nuclear materials; innovation activities with clear sustainability benefits, such as nuclear medicine, industrial efficiency and research; and nurturing the next generation of scientists and engineers.
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