20.09.2010

Harsco completes bond offering

Harsco, the owner of SGB, Hünnebeck and Patent scaffold – now Harsco Infrastructure, has completed its bond offering

The company issued $250 million worth of the 2.7 percent five year senior notes which are rated A- by Standard & Poor’s and Fitch Ratings and Baa1 by Moody’s Investors Service.

Harsco’s chief financial officer Stephen J. Schnoor said: “This successful and over-subscribed transaction capitalises on the current interest rate environment for investment-grade corporate notes to reduce our annual interest expense by approximately $12 million.”

The proceeds from the offering will primarily be used to pay down the company’s 7.25 percent, Sterling notes totalling £200 million ($310 million) which come due on October 27th 2010, as well as certain amounts outstanding under Harsco’s U.S. and European commercial paper programmes.