MS INTERNATIONAL PLC — Capital/Financing Update 2020

Feb 19, 2020

National Storage Mechanism | Additional information

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RNS Number : 4976D

Micro Focus International plc

19 February 2020

19 February 2020

Micro Focus International plc

Proposed term loan refinancing

Micro Focus International plc ("Micro Focus" or the "Company") today announces the launch of a $1,435m-equivalent Senior Secured Term Loan B refinancing and extension of the existing $500m Revolving Credit Facility ("RCF") (the "Transaction").

The proceeds of the offering will be used to refinance its existing Senior Secured Term Loan B due November 2021 and pay fees and expenses in connection with the Transaction. Upon completion, the Transaction will replace the existing Senior Secured Term Loan B facility due November 2021 with a new 7-year Senior Secured Term Loan B facility and extend the existing $500m "RCF" due September 2022 to June 2024.

The Company will raise a combination of Euro and US dollar dominated Term Loans with a minimum intended tranche size of €500m in Euros and $500m in US dollars. The initial price talk for the new facilities is anticipated to be between 3.25% - 3.50% above  EURIBOR at an original issue discount of 0.5% on the Euro Tranche and between 3.75%-4.0% above LIBOR at an original issue discount of 1.0% on US Dollar denominated tranche.

An update will follow in due course.

Enquiries:

Micro Focus                                                         Tel: +44 (0)1635 32646

Stephen Murdoch, CEO                                     Investors@microfocus.com

Brian McArthur-Muscroft, CFO

Ben Donnelly, Investor relations

Brunswick                                                            Tel: +44 (0) 20 7404 5959

Sarah West                                                           MicroFocus@brunswickgroup.com

Jonathan Glass  

Notes to Editors:

About Micro Focus

Micro Focus (LSE: MCRO.L, NYSE: MFGP) is a global enterprise software company supporting the technology needs and challenges of the Global 2000.  Our solutions help organizations leverage existing IT investments, enterprise applications and emerging technologies to address complex, rapidly evolving business requirements while protecting corporate information at all times. Our product portfolios are Security, IT Operations Management, Application Delivery Management, Information Management & Governance and Application Modernization & Connectivity. For more information, visit: www.microfocus.com

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