MRX Metalrax Group

TIDMMRX

RNS Number : 0383Y

Metalrax Group PLC

24 February 2012

Metalrax Group PLC ("Metalrax" or "The Group")

New Banking Facilities

Metalrax, the niche supplier of specialist engineering and consumer durable products, announces that it has successfully completed its bank facility refinancing on improved terms and ahead of the maturity of its existing facilities in August 2012.

The Group has agreed facilities up to GBP14m for 4 years with The Royal Bank of Scotland. The new facilities will result in reduced borrowing costs saving the Group c.GBP300,000 per annum (based on current levels of indebtedness). The facilities, being mainly provided by the Bank's asset based lending team, are secured against the properties, the debtor ledger, plant and machinery as well as inventory.

Commenting on the announcement, Metalrax Group Chief Executive, Andrew Richardson said:

"This is a very important milestone for the Group. The new facilities have been agreed ahead of schedule and on competitive terms. Completion of this refinancing provides a stable platform in challenging times with unpredictable economic conditions. The Group's priorities are to achieve growth whilst continuing to reduce borrowings.

Metalrax will announce final results for the year ended 31 December 2011 on Monday 19 March 2012.

Enquiries:

Metalrax Group PLC +44 (0)845 030 3300

Andrew Richardson, Chief Executive

Caroline Green, Group Finance Director

Arden Partners plc

Steve Douglas +44 (0)121 423 8943

Jamie Cameron +44 (0)207 614 5925

This information is provided by RNS

The company news service from the London Stock Exchange

END

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