Bond tender secures further reduction in Urenco’s debt

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.”

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