AZ Electronic Materials completes refinancing

AZ Electronic Materials was performing well on Friday afternoon after announcing the completion of refinancing.

The company, which specialises chemicals and materials used in circuits, devices, flat panel displays, LEDs and photolithographic printing, has gained nearly 58% so far in 2012 and was trading at 379p before the close of trade.

The company said today that it has concluded the refinancing of its debt facilities and established new 4.5-year facilities of $500m with its banks.

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AZ said: "Based on the current drawing, the average cost of debt in the current and following financial years is anticipated to be around the same levels as the previous arrangements."