Private & Commercial Fin Group Plc New Debt Facility (8078D)
July 11 2016 - 4:07AM
UK Regulatory
TIDMPCF TIDMPCFC
RNS Number : 8078D
Private & Commercial Fin Group Plc
11 July 2016
11 July 2016
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
New Debt Facility
Private & Commercial Finance Group (AIM: PCF), the
AIM-quoted finance house, is pleased to announce that it has
entered into a new 5 year debt facility of up to GBP83 million
("Facility") provided by its majority shareholder Bermuda
Commercial Bank Limited ("BCB"). The Facility is denominated in
pounds sterling and provides a commitment for up to a maximum of
USD $100m. PCFG intends to use the Facility primarily to fund
future growth in new business origination. The Facility, which
matures on 7 July 2021, is subject to a guarantee provided by PCFG
and secured over certain assets of the Group.
Scott Maybury, CEO, commented; "We are delighted to agree this
significant additional funding on attractive terms to grow our
portfolio of receivables. This delivers another of the synergies we
identified when becoming a subsidiary of Bermuda Commercial Bank
and provides further evidence of their support of our strategic
objectives."
Related party transaction
BCB is a related party under the AIM Rules for Companies ("AIM
Rules") by virtue of being a substantial shareholder in the Company
as defined in the AIM Rules. The entry into the Facility therefore
constitutes a related party transaction as defined in the AIM
Rules.
Accordingly, as required by the AIM Rules, the independent
directors (being each of the directors with the exception of David
Morgan, who is also a director of BCB and its parent company,
Somers Limited; Andrew Brook, who is a director of BCB; and Mark
Brown who is a director of Stockdale Securities Limited, a
subsidiary of Somers Limited), having consulted with the Company's
nominated adviser, Panmure Gordon (UK) Limited, consider that the
terms of the Facility are fair and reasonable insofar as the
Company's shareholders are concerned.
For further information please contact:
Private & Commercial Finance Tel: +44 (0) 20 7222 2426
Group
Scott Maybury, Chief Executive
Officer
Robert Murray, Managing
Director
David Bull, Finance Director
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson / Niall Walsh
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Fred Walsh / Peter Steel
/ Atholl Tweedie
Stockdale Securities Tel: +44 (0) 20 7601 6100
Henry Willcocks
About Private & Commercial Finance Group plc
(www.pcfg.co.uk)
Established in 1994, Private & Commercial Finance Group plc
is an AIM-quoted finance house which has two main operating
divisions:
-- Consumer Finance which provides finance for motor vehicles to consumers; and
-- Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a highly efficient and scalable business model,
utilising its specially developed internet-based proposal system to
service national networks of brokers and suppliers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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