U.K. Manufacturer Considers Swap

  • 06 Jan 2003
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GKN Plc, a manufacturer of automotive engines and components, is considering entering an interest rate swap to convert a recent GBP125 million (USD201.50 million) offering into a synthetic floating-rate liability. The company will make a decision shortly, said Derek Butler, head of treasury in Redditch, U.K. But, he declined to detail what will influence its decision. If GKN goes ahead with the plans it would enter a swap in which it receives the 7% fixed coupon on the bond and pays a floating rate.

Butler explained the corporates' treasury committee has not been able to meet to make a formal decision because of the holiday season. The company will choose a counterparty for the swap by tendering an offer among its relationship banks.

  • 06 Jan 2003

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