Dods Group PLC Updated Debt Facilities (4511O)
June 01 2020 - 1:00AM
UK Regulatory
TIDMDODS
RNS Number : 4511O
Dods Group PLC
01 June 2020
1 June 2020
Dods Group plc
("Dods" or the "Company")
Updated Debt Facilities
Further to the announcement of 28(th) June 2019 and in light of
the continued uncertainties from Covid-19, the Company is pleased
to confirm that Barclays Bank has agreed to a 9-month capital
payment deferral and waiver of all covenants for the remainder of
the calendar year.
The Company has a term loan of GBP3 million, with a coupon of
3.25% over 3-month LIBOR, payable over 5 years. The loan is fully
drawn and the Company continues to pay the interest due. Following
satisfactory submission of the compliance certificate as at 31(st)
March 2020, the original capital repayments for 31(st) March 2020,
30(th) June 2020 and 30(th) September 2020 will be rescheduled,
with 14 equal quarterly repayments starting from 31(st) December
2020. In addition, for the remainder of the calendar year the bank
has agreed to waive all covenant compliance.
The Company had already agreed a GBP2 million revolving credit
facility ('RCF') carrying a 3.5% coupon over 3-month LIBOR. This
remains undrawn but available. In addition, at any time during the
availability period of the term loan or RCF the Company can request
an increase in its commitments under the term loan or RCF by a
total aggregate amount of not more than GBP3 million. The increased
amount is at Barclays' sole discretion and subject to such
conditions precedent as it may determine.
Dods currently is in a net cash position of c. GBP0.7 million.
The Company believes that the 9-month term loan repayment deferral,
covenant waiver and increased access to funding, together with its
cash reserves, will ensure the business can continue its
development plans to enable it to have an exciting future and
provide ample working capital for the business going forward.
This announcement is released by Dods Group plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by David Hammond, Executive Chairman.
For further information, please contact:
Dods Group plc
David Hammond - Executive Chairman 020 7593 5500
www.dodsgroup.com
Liberum (Nomad and Broker)
Neil Patel 020 3100 2000
Cameron Duncan
Louis Davies
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END
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