LONDON (Alliance News) - Industrial services firm Cape PLC Friday said it has agreed to amend and extend its existing revolving credit facility with a group of nine banks by a further GBP5 million to GBP300 million, and retaining the GBP50 million accordion feature.
The facility has a contractual maturity of June 23, 2020, extending the existing debt facility by two years, with an option to extend that facility by a further year by mutual consent.
The facility was arranged with AIB Group UK PLC, Barclays Bank PLC, DNB Bank ASA, HSBC Bank PLC, ICBC (London) PLC, Lloyds Bank PLC, National Westminster Bank PLC, DBS Bank Ltd, and the Governor and Company of the Bank of Ireland.
"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," said Chief Financial Officer Michael Speakman in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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