Urenco issues Eurobond to fund capacity expansion
19 May 2008
Urenco announced that it has issued a €500 million ($780 million), 7-year Eurobond under its recently launched European Medium Term Note (EMTN) programme. The Eurobond will be listed on the London Stock Exchange on 22 May. The joint book-runners for the issue were Barclays Capital, BNP Paribas and JPMorgan Cazenove. Urenco said that funds raised will help finance the substantial capacity expansion programme which is ongoing across the group's sites in Europe and in the USA. The company's chief finance officer, Bart Le Blanc, said: "Urenco's bond issue was three times over-subscribed and well placed among a wide group of European institutions. The level of interest in this issue is a reflection of Urenco's strong credit fundamentals and growth strategy underpinned by an order book which now exceeds €18 billion" ($28 billion). Urenco operates gas centrifuge uranium enrichment plants in Almelo, the Netherlands; Gronau, Germany; and Capenhurst, UK. In the US, Urenco's subsidiary Louisiana Energy Services (LES) is currently constructing the National Enrichment Facility (NEF) in Eunice, New Mexico.