Kingspan, the Cavan-based insulation giant, said it has raised €750 million through the sale of its first public bond deal with demand from investors for more than four and a half times the amount of notes on offer.
The deal comes as Kingspan remains active in the acquisitions market, having spent close to €2.5 billion on purchases since the start of 2019, according to Davy analyst Flor O’Donoghue. Earlier this week, the company, led by chief executive Gene Murtagh, disclosed that it had acquired a majority stake in Sweden’s Nordic Waterproofing, a move which the company said would lift its annualised roofing and waterproofing revenues to approximately €1 billion.
Although the report exempted the Irish group from responsibility for the spread of the fire on the night, it variously found that Kingspan had “knowingly” created “a false market” for the insulation board, had used “dishonest strategies” and had shown “a complete disregard for fire safety”. Kingspan said after the report was published that it has “has long acknowledged the wholly unacceptable historical failings that occurred in part of our UK insulation business”.
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