Cape plc Announcement of refinancing (8434Z)
February 12 2014 - 2:00AM
UK Regulatory
TIDMCIU
RNS Number : 8434Z
Cape plc
12 February 2014
Press Release
12 February 2014
Announcement of refinancing
Cape plc is pleased to announce that it has signed a new GBP295m
revolving credit facility and a GBP50m accordion for the Group.
This new facility replaces the Group's existing GBP200m and AUD$30m
facilities which are due to expire in July 2015. The new facility
provides the Group with greater covenant flexibility and will
terminate in April 2018. The facility has been arranged with a
group of 8 banks, comprising existing syndicate members of Barclays
Bank plc, Lloyds Bank plc and HSBC Bank plc and a number of new
lenders, Abbey National Treasury Services PLC, AIB Group (UK)
P.L.C., DNB Bank ASA, ICBC (London) PLC, and National Westminster
Bank PLC.
Commenting on the announcement, Joe Oatley, Chief Executive,
said:
"These new facilities strengthen our financial position and
provide us with the balance sheet to grow our business both
organically and potentially acquisitively. The terms of these
facilities reflect the banks' confidence in the strategic prospects
for the Group."
- Ends -
Enquiries:
Michael Speakman, Chief Financial Officer, Cape plc
michael.speakman@capeplc.com
+44 (0)18 9545 9970
Bobby Morse, Ben Romney & Louise Mason, Buchanan
+44 (0)20 7466 5000
About Cape:
Cape plc (www.capeplc.com), which is listed on the Main Market
of the London Stock Exchange, provides a range of essential
industrial services including access systems, insulation,
refractory linings, painting, coating, blasting, industrial
cleaning, training and assessment to industrial plant operators and
major international engineering and construction companies.
As a single source provider, Cape is able to provide a range of
specialist multi-disciplinary services specifically tailored to
meet the needs of the client providing the most intelligent and
cost efficient solutions for its clients' in-plant maintenance and
capital needs.
In the year ended 31 December 2012, Cape reported revenues of
GBP745.7 million. With scale and leading market positions across
its international footprint, Cape employs over 21,000 people around
the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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