TechnipFMC plc: TechnipFMC Announces Resumption of Activities Toward Separation into Two Industry-Leading, Independent, Publicly Traded Companies
€750
1Financing commitments for both companies have been secured from leading international financial institutions. TechnipFMC will retain the outstanding public and private debt but for the European commercial paper program that will be retained by Technip Energies.
The Company believes that the allocation of cash and debt will allow Technip Energies to attain an investment grade capital structure upon completion of the separation. The Company also believes that TechnipFMC s pro forma capital structure has the ability to support an investment grade rating by at least one credit rating agency.
€750
1Financing commitments for both companies have been secured from leading international financial institutions. TechnipFMC will retain the outstanding public and private debt but for the European commercial paper program that will be retained by Technip Energies.
The Company believes that the allocation of cash and debt will allow Technip Energies to attain an investment grade capital structure upon completion of the separation. The Company also believes that TechnipFMC’s pro forma capital structure has the ability to support an investment grade rating by at least one credit rating agency.
The successful completion of the planned spin-off is subject to general market conditions, regulatory approvals and final Board approval.
U.K. manager operating liquidity down only 2% at height of COVID-19
Bloomberg
U.K. money managers saw a decrease in available liquidity during the first wave of the coronavirus pandemic starting in March, according to the U.K. Financial Conduct Authority.
In a survey of 23,000 firms, the U.K. financial services watchdog found that the liquidity available to investment management firms to trade and invest declined by 2% from February, when the pandemic first began, to May and June, when its impact was being fully felt. Liquidity available to insurance intermediaries and brokers fell 30%, while payments and online money platforms saw an 11% decline in the period.
Updated Jan 6, 2021 at 4:34 p.m. UTC
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