UK-based Spectris Plc, a London-listed manufacturer of precision and testing equipment, is in discussions with institutional investors to secure at least $300m in high-grade private debt, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that the company aims to refinance its existing bank loans by tapping into euro- and dollar-denominated credit through a US private placement. This type of financing, which is typically provided by insurance companies and asset managers, allows top-tier companies to access institutional investors directly, bypassing public credit markets.
A spokesperson for Spectris declined to comment on the negotiations.
US private placements have been increasingly popular with blue-chip firms seeking to raise capital discreetly. Recent notable deals include luxury fashion brand Chanel, which raised over €700m ($772m) in July, and Europe’s largest supermarket chain, Schwarz Group, which secured $1.8bn.
