BRIEF-Boral To Reduce FY2020 Capital Expenditure By About 15-20%
May 15 (Reuters) - Boral Ltd:
* REDUCING CAPITAL EXPENDITURE BY ABOUT 15-20% TO ABOUT $330M IN FY2020
* INCREASED & EXTENDED DEBT FINANCING FACILITIES WITH NEW US PRIVATE PLACEMENT NOTE ISSUE OF US$200M
* ANNOUNCES APPROVALS FOR NEW BILATERAL TWO-YEAR BANK LOAN FACILITIES TOTALLING A$365M
* FOR 4 MONTHS ENDED APRIL, CONCRETE VOLUMES WERE DOWN ABOUT 16% AND REVENUE DOWN ABOUT 6%
* 70% OF BUILDING PRODUCTS PLANTS HAVE BEEN IMPACTED BY COVID-19, AMONG OTHERS
* TO EXTEND US$665M OF CO'S EXISTING US$750M DEBT FACILITY FROM JULY 2021 TO JUNE 2024
* ACTIVITY IN CHINA IS QUICKLY RAMPING UP
* EBITDA MARGINS FOR JANUARY TO APRIL 2020 TRACKING ABOUT 3-5% LOWER THAN 1HFY2020
* REVENUES ARE DOWN IN MOST BUSINESSES IN FIRST FOUR MONTHS OF 2HFY2020
* THERE HAVE BEEN TEMPORARY SHUT DOWNS IMPACTING MANUFACTURING & SALES IN INDIA, VIETNAM, MALAYSIA, SALES IN SINGAPORE, PHILIPPINES & NZ
* AIMING FOR ANY USG BORAL TRANSACTION WITH KNAUF TO BE ON A CASH NEUTRAL BASIS
* RIGHT-SIZING OPERATIONS INCLUDING TEMPORARY PLANT CLOSURES TO ALIGN PRODUCTION WITH CURRENT AND EXPECTED LOWER LEVELS OF ACTIVITY Source text for Eikon: Further company coverage:
