CIU Cape

TIDMCIU

RNS Number : 1448C

Cape plc

24 June 2016

News Release

24 June 2016

Cape completes refinancing and extension of credit facilities

Cape plc is pleased to announce that it has agreed an "amend and extend" of its existing revolving credit facility, increasing the facility by a further GBP5m to GBP300m and retaining the GBP50m accordion feature. The facility has a contractual maturity of 23 June 2020, extending the existing debt facility by two years, with an option to extend the facility by a further year by mutual consent. Support from both existing lenders and new lenders offered Cape the opportunity to extend both the term and capacity of the facility and supports the organic and acquisitive growth ambitions of the Group.

The facility has been arranged with a group of 9 banks, comprising existing syndicate members of AIB Group (UK) P.L.C, Barclays Bank plc, DNB Bank ASA, and HSBC Bank plc, ICBC (London) PLC, Lloyds Bank plc and National Westminster Bank PLC and welcomes DBS Bank Ltd and The Governor and Company of the Bank of Ireland.

Commenting on the announcement, Michael Speakman, Chief Financial Officer, said:

"We are pleased with the outcome of this amendment process. We expect the extension to provide flexibility and support our strategy for future growth. We appreciate the strong support that our lenders have shown us during this period of market uncertainty and are delighted to be both retaining existing banks and initiating relationships with new lenders. Completion of this amend and extend during such a difficult economic time for the industry is a testament to the recent financial performance of the group in challenging market conditions and provides the financial capacity to exploit strategic growth opportunities in the future."

About Cape:

Cape (www.capeplc.com), which is premium listed on the main market of the London Stock Exchange, is an international leader in the provision of critical industrial services principally to the energy and natural resources sectors. Our multi-disciplinary service offering includes access systems, insulation, specialist coatings, passive fire protection, refractory linings, environmental services, oil and gas storage tanks and heat exchanger replacement and refurbishment. Cape employs over 16,000 people working across 21 countries and in 2015 reported adjusted revenue of GBP711.4 million.

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Enquiries

 
 Cape plc                               +44 (0) 1895 459 
  Joe Oatley, Chief Executive            979 
  Michael Speakman, Chief Financial      +44 (0) 1895 459 
  Officer                                979 
  Ronan Tyrrell, Interim Head            +44 (0) 1895 459 
  of Investor Relations                  979 
 Buchanan 
  Bobby Morse, Ben Romney, Chris        +44 (0) 207 466 
  Judd                                   5000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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