Tasty PLC Revised bank facilities (2673I)
November 22 2018 - 10:57AM
UK Regulatory
TIDMTAST
RNS Number : 2673I
Tasty PLC
22 November 2018
22 November 2018
Tasty plc
("Tasty" or the "Company")
Revised bank facilities
Tasty is pleased to announce that it has today entered into an
agreement to revise its GBP7.0 million term loan facility with its
existing lender Barclays plc (the "Revised Loan Facility") which
amends the Company's existing GBP7.0 million term loan facility
(the "2016 Term Loan Facility"). The key effects of the Revised
Loan Facility are to extend the final repayment date from July 2021
to March 2022 and to significantly reduce the quarterly repayments
with effect from July 2019.
Under the terms of the Revised Loan Facility agreement, the
Company is to pay interest on the amount drawn down (which is
currently approximately GBP6.4 million) of between 2.5% and 4% over
LIBOR with the interest rate payable dependent upon the ratio of
the amount drawn down to adjusted EBITDA.
In addition to the quarterly repayments referred to above, the
Company has undertaken to reduce the amount drawn down under the
Revised Loan Facility by an aggregate of GBP1.1 million on or
before 30 June 2019. Of this GBP1.1 million, the Directors have
undertaken to provide, in aggregate, GBP0.5 million of new capital
into the business by 30 June 2019. This new capital is to be in the
form of either new subordinated loan or equity capital, or a
combination of the two.
As at 31 October 2018, the Company had cash balances of
approximately GBP2.1 million.
The information contained within the announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Enquiries
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities Tel: 020 7397 8927
Mark Connelly / Cameron MacRitchie
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contact rns@lseg.com or visit www.rns.com.
END
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