LONDON (Alliance News) - Performance materials company Low & Bonar PLC said on Thursday it has executed a new five-year, EUR165 million revolving credit facility with a syndicate of five relationship banks, to refinance its existing facility due to mature in July 2019.
Under the new facility's terms, Low & Bonar's net debt to earnings before interest, tax, depreciation and amortisation covenant has been temporarily increased from 3.0x to 3.5x until May 31, 2019 to give added headroom as the group launches its reorganisation and cost and structural debt reduction plans.
The holders of the EUR60 million senior notes have also agreed to the same increase in the net debt: Ebitda covenant.
Shares in Low & Bonar were up 3.9% at 56.11 pence on Thursday.