Low & Bonar PLC Debt refinancing (3514O)
May 17 2018 - 1:01AM
UK Regulatory
TIDMLWB
RNS Number : 3514O
Low & Bonar PLC
17 May 2018
LEI213800CALFKOEL7N7P10
Low & Bonar PLC (the 'Company' or 'Low & Bonar')
Debt refinancing
Low & Bonar is pleased to announce that it has agreed and
executed a new 5 year, EUR165m revolving credit facility with a
syndicate of five relationship banks, to refinance its existing
EUR165m facility which was due to mature in July 2019.
Under the terms of the new facility, the Group's maximum net
debt:EBITDA covenant has been temporarily increased, from 3.0x to
3.5x, until 31 May 2019, to provide additional headroom as the
Group executes its reorganisation and cost and structural debt
reduction plans. The holders of the Group's EUR60m Senior Notes
have also agreed to the same temporary increase in the net
debt:EBITDA covenant.
There is no material change to the cost of the overall debt.
For further information, please contact:
Low & Bonar PLC 020 7535 3180
Philip de Klerk, Group Chief Executive
Officer
Simon Webb, Group Chief Financial Officer
Instinctif Partners 020 7457 2020
Matthew Smallwood
Helen Tarbet
Rosie Driscoll
This information is provided by RNS
The company news service from the London Stock Exchange
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May 17, 2018 02:01 ET (06:01 GMT)
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