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Refinancing of Bank Facilities

Date : 05/10/2012 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Utv Media (UTV)
Quote : 242.75  0.0 (0.00%) @ 3:00AM
UTV Media share price Chart

Refinancing of Bank Facilities


 
TIDMUTV 
 
UTV Media plc announces refinancing of Bank Facilities 
 
UTV Media plc today announces agreement in respect to the refinancing of its 
Bank Facilities (subject to documentation) for a five year period maturing in 
May 2017. 
 
The new Bank Facilities comprise a GBP65m Revolving Credit Facility (RCF), and a 
EUR25m Term Loan Facility (TLF). The TLF has bi-annual repayments of EUR2.5m in 
June and December with the first repayment due December 2012. 
 
These facilities have been provided by a banking group comprising Bank of 
Ireland, Ulster Bank (a subsidiary of Royal Bank of Scotland) and Northern Bank 
(a subsidiary of Danske Bank). 
 
On the completion date later this month, GBP40.5m from the RCF and the total EUR25m 
TLF will be utilised to refinance the drawn debt on the existing Bank 
Facilities which were due to mature in June 2013. 
 
The key covenants are the Net Debt / EBITDA ratio, which will be set at a 
maximum of 3.50 times until maturity and EBITDA / Interest cover which is 
required to be greater than 3.25 times until maturity. 
 
UTV Media plc currently has a Net Debt / EBITDA ratio of less than 2.0 times. 
At this level the refinanced borrowings margin will increase by 0.25%. 
 
Norman McKeown, Group Finance Director said "We are extremely pleased to have 
successfully refinanced our Bank Facilities on these terms. The five year 
period, the competitive margins and the available headroom within the covenants 
reflect a highly cash generative business with a strong balance sheet". 
 
For further information contact: 
 
Norman McKeown Group Finance Director +44 (0) 28 9026 2098 
 
Orla McKibbin Head of Communications +44 (0) 28 9026 2188 
 
 
 
END 
 

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