Kinovo PLC Renewal of Debt Facilities (7881B)
October 05 2022 - 2:00AM
UK Regulatory
TIDMKINO
RNS Number : 7881B
Kinovo PLC
05 October 2022
5 October 2022
Kinovo plc
("Kinovo" or the "Company")
Renewal of Debt Facilities
Kinovo Plc (AIM: KINO), the specialist property services group
that delivers compliance and sustainability solutions, is pleased
to confirm that it has completed the refinancing of its GBP1.5
million term loan ("Term Loan") with its partner, HSBC UK Bank plc,
together with the annual renewal of the current GBP2.5 million
overdraft facility ("Overdraft").
As at 30 September 2022, Kinovo's net debt position had reduced
to GBP0.1 million (H1 2022: GBP1.7 million) with a cash balance of
GBP1.7 million (H1 2022: GBP2.2 million).
The Term Loan is a 12-month facility and there will be GBP0.38
million quarterly repayments starting in November 2022. The
interest cost on the Term Loan is 4.00% above the compounded
Sterling Overnight Index Average ("SONIA"). The total expenses
permitted to be incurred on DCB (Kent) Limited are GBP4.6
million.
The Overdraft is repayable on demand and subject to an annual
review. The cost of the Overdraft is held at an interest rate of
3.00% above the Bank of England base rate.
The covenants on the Term Loan will be tested monthly and
quarterly and they are (i) achievement of minimum levels of EBITDA;
(ii) minimum liquidity; and (iii) interest cover.
David Bullen, Chief Executive Officer of Kinovo plc,
commented:
"We are pleased to have agreed new debt facilities with our
partner HSBC Bank UK, strengthening Kinovo's financial stability.
As highlighted in our recent trading update, despite the
challenging macro-economic conditions, the momentum of our strong
operational and financial performance has been maintained
throughout the first half of the year."
Enquiries
Kinovo plc
Sangita Shah, Chairman +44 (0)20 7796 4133
David Bullen, Chief Executive Officer (via Hudson Sandler)
Canaccord Genuity Limited (Nominated Adviser
and Sole Broker) +44 (0)20 7523 8000
Adam James
Andrew Potts
Harry Rees
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Dan de Belder
Harry Griffiths
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