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LONDON (Alliance News) - Scientific devices maker Judges Scientific PLC said Friday it has entered into a new GBP35.0 million banking facility with Lloyds Banking Group PLC in order to finance its continuing acquisitions.
The new five-year facility - which replaces an established one from which Judges had GBP12.9 million outstanding - includes a GBP10.0 million term loan and a GBP20.0 million revolving credit facility. A further GBP5.0 million was provided through an accordion facility.
The interest rate on the facility is consistent with the previous banking facilities.
In 2017, Judges generated GBP5.1 million pretax profit on revenue of GBP71.4 million.
The term loan will amortise on a straight line basis over the borrowing terms by quarterly instalments. The revolving credit facility is repayable in a bullet at the end of the borrowing term.
"We are delighted with the continued long-term support of Lloyds," Judges Finance Director Brad Ormsby said. "The facility will provide an enhanced platform from which the group can continue to execute its buy and build growth strategy."
The new facility will not affects its existing lending facilities held through its 75.5% owned subsidiary Bordeaux Acquisition Ltd. Bordeaux was originally founded to acquire Deben UK Ltd and has subsequently been used to buy Oxford Cryosystems Ltd as well.
Shares in Judges were 3.6% higher at 2,580.00 pence on Friday.
