Speedy Hire PLC Amendment and extension of bank facilities (2377T)
October 11 2017 - 1:00AM
UK Regulatory
TIDMSDY
RNS Number : 2377T
Speedy Hire PLC
11 October 2017
Speedy Hire Plc
("Speedy" or "the Group")
Amendment and extension of bank facilities
11 October 2017
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, announces an amendment and extension to its
existing bank facilities. The GBP180m asset based finance facility,
which was due to mature in September 2019, has been extended by a
further three years, through to October 2022. Terms have been
improved which will lower the cost of the Group's debt financing.
The additional uncommitted accordion (GBP220m) remains in place
through to October 2022, should further funding requirements be
needed.
The facility is split equally between Royal Bank of Scotland,
Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo. The
interest margin ranges from 150 to 250 basis points (previously 170
to 275 basis points) dependent on leverage and on the components of
the borrowing base. Other terms in the amended agreement are no
more onerous to Speedy and the covenant test requirements remain
unchanged.
Russell Down, Chief Executive, commented:
"We are delighted with this successful outcome which reflects
our bankers' confidence in the business. At 30 September net debt
is now expected to be less than GBP65m, and this revised facility,
with significant headroom, gives us greater flexibility to support
our strategy for growth, and lowers our cost of debt."
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance
Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
James Gray
Notes:
Notes to Editors: Founded in 1977, Speedy is the UK's leading
provider of tools, equipment and plant hire services to a wide
range of customers in the construction, infrastructure and
industrial markets, as well as to local trade and industry. The
Group provides complementary support services through the provision
of training, asset management and compliance services. Speedy is
accredited nationally to ISO50001, ISO9001, ISO14001 and
OHSAS18001. The Group operates from 210 fixed sites across the UK
and Ireland together with a number of on-site facilities at client
locations throughout the UK, Ireland and from an international
office based in Abu Dhabi.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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