MS INTERNATIONAL PLC — Capital/Financing Update 2015

Mar 23, 2015

National Storage Mechanism | Additional information

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RNS Number : 1179I

Micro Focus International plc

23 March 2015

23 March 2015

Micro Focus International plc 

Update on debt position

Micro Focus International plc ("Micro Focus" or "the Group") announces that the Group's net debt at 31 January 2015 was $1,510 million and that since that date the Group has used surplus cash and drawn down $75m of its $225m Revolving Facility to make a voluntary repayment of $150 million of the Term Loan B. The Group's objective remains to reduce net debt to 2.5 times Facility EBITDA*. If this repayment had been made at 31st January 2015 it would not have impacted the Group's net debt position, however, following this voluntary repayment the gross debt of the Group (excluding $150 million undrawn under the Revolving Facility) totals $1,700 million (consisting of $1,125 million Term Loan B, $500 million Term Loan C and $75 million Revolving Facility) compared with gross debt (excluding $125 million undrawn under the Revolving Facility) of $1,875 million at completion of the transaction.

Enquiries:

Micro Focus Kevin Loosemore, Executive Chairman Mike Phillips, Chief Financial Officer Tim Brill, IR Director	Tel: +44 (0) 1635 32646
Powerscourt Juliet Callaghan Nick Dibden Sophie Moate	Tel: +44 (0) 20 7250 1446

*In assessing the performance of the business, the directors use non GAAP measures

"Adjusted operating profit" and "Adjusted earnings per share", being the relevant statutory measures, prior to exceptional items, amortization of purchased intangibles and share based compensation. "Adjusted EBITDA" is the Adjusted Operating Profit prior to depreciation and amortization of purchased software. Underlying Adjusted EBITDA removes the impact of net capitalization/amortization of development costs and foreign currency gains and losses from Adjusted EBITDA whilst Facility EBITDA is Adjusted EBITDA before amortization of capitalized development costs.

About Micro Focus

Micro Focus, a member of the FTSE 250, provides innovative software that helps companies to improve dramatically the business value of their enterprise applications. Micro Focus Enterprise Application Modernization, Testing and Management software enables customers' business applications to respond rapidly to market changes and embrace modern architectures with reduced cost and risk.

For additional information please visit www.microfocus.com 

This information is provided by RNS

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