The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Synthomer PLC, up 4.0% at 267.75 pence, 12-month range 14.44p-301.37p. Prices its offering of €350 million senior notes due 2029. Plans on using noted to repurchase existing notes due 2025. It expects offering to close on or around Thursday next week. Chief Financial Officer Lily Liu comments: ‘We are very pleased with the substantial support for this transaction, which represents another major milestone in improving our financial platform, and puts Synthomer in a stronger position to deliver our strategy.’
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SMALL-CAP - LOSERS
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Petrofac Ltd, down 29% at 23.71p, 12-month range 14.58p-87.50p. The energy infrastructure company says it is engaged in discussions in regard to restructuring its debt, with ‘all options’ remaining under consideration. Petrofac says its discussions revolve around restructuring debt in a way that would result in a significant proportion of the debt being exchanged for a stake in the company. Further, it is in talks with prospective investors and major shareholders for a potential investment in the company, including a potential sale of non-core assets. In December, the company announced that its year-end debt is expected to be modestly higher than the debt of $584 million it had posted for the end of June, citing an increase of over $100 million in collateral for guarantees. Petrofac says on Friday: ‘Management and the board are focussed on managing the group’s payment obligations and delivering a solution which supports the provision of guarantees required for its recent contract awards, and which ensures that Petrofac has the appropriate capital structure and liquidity to support the strength of its $8 billion backlog.’
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