LONDON--Smart Metering Systems PLC (SMS.LN), a operator of energy metering systems, Thursday said it entered into a new 45 million pounds banking facility with three major U.K. banks. MAIN FACTS: -Entered into the new facility, which is effective as of Aug. 1, with Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Lloyds Bank PLC -New facility replaces the existing arrangement with Clydesdale Bank PLC, originally made available for GBP12 million in September 2010 and a current outstanding amount of GBP10.6 million. -Intends to use the new facility to fund the purchase of meter assets during a phased installation over the course of the next 24 months. -Facility is a revolver structure over 24 months, repayable equally over 10 years with a 5 year break. -Interest is applied to the outstanding balance only. -Current interest rate swap and cap arrangements will be terminated and replaced with similar beneficial arrangements on broadly the same basis. -Has recently received Full European Patent Approval for its ADM device, which will come into effect on Aug. 15 and will protect the company's intellectual property in this important market. -Shares at 1014 GMT up 3 pence, or 1.4%, at 180 pence. -Write to Tapan Panchal at tapan.panchal@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires
