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LONDON (Alliance News) - HSS Hire Group PLC on Wednesday said it has agreed new financing worth GBP245 million to refinance its existing corporate debt.
Tool and equipment rental firm HSS has agreed a new GBP220 million term-loan facility with HPS Investment Partners. Of this, GBP200 million will mature June 2023 and the rest in December 2020.
The interest rate will be at between 700 basis points and 800 basis points over LIBOR depending on HSS's net debt leverage ratio.
HSS has also granted HPS Investment 8.5 million warrants for new shares in the company at an exercise price of 1 pence per share. HSS shares were trading at 32.05p on Wednesday, down 1.7%.
The GBP25 million revolving credit facility has been signed with HSBC Bank PLC and National Westminster Bank PLC and matures in December 2022. The interest on the funding is between 250 basis points and 300 basis points over LIBOR, again depending on net leverage.
HSS Chief Financial Officer Paul Quested said: "We are very pleased to have successfully secured the long-term refinancing of the group.
"This now ensures that we have the appropriate facilities in place to continue delivering on our strategic priorities and the group's full potential."