Pharma Industry
Industry: Email Alert RSS FeedICI plans to divest synetix catalysts. (News: Europe).(Imperial Chemical Industries PLC, rights issue and sale of Synetix)(Brief Article)(Statistical Data Included)
Chemical Market Reporter, February, 2002
TO BOOST ITS CREDIT rating, ICI is preparing an [pound sterling]800 million ($1.1 billion) rights issue and planning to divest Synetix, its catalyst business. The company says it needs to take action to prevent a substantial rise in its borrowing costs following a possible cut in its credit rating below investment grade.
"The credit environment changed late last year, and it was obvious that the credit markets would become tighter and more difficult," says an ICI official. "We decided that it was very likely that our credit rating would be downgraded, and we did not want this to happen." The [pounds sterling]800 million rights issue, in addition to an estimated [pounds sterling]100 million expected from the sale of Synetix, will reduce ICI's debt to...
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