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Surface Transforms Refinances Debt Facilities With New Loan Facility

Mon, 31st Mar 2014 13:01

LONDON (Alliance News) - Surface Transforms PLC Monday said it has re-financed its debt facilities with a GBP400,000 loan facility from Group-14 Ltd.

In a statement, the maker of carbon fibre reinforced ceramic materials said the eight-year loan has an interest rate of 9.5% plus the base rate, and is secured through a fixed and floating charge over the assets of the company.

The loan facility may be repaid at any time at the discretion of the company without penalty, but immediate repayment in full is required should the company complete an equity placing.

Group-14 is beneficially owned by Surface Transforms non-executive Director Richard Gledhill.

"We are very pleased to announce this transaction which materially improves the short term cash position of the company as it lengthens the term and changes the repayment schedule over the next two years. The new loan also carries a marginally lower interest rate and less onerous covenants. Richard's fellow directors wish to thank him for his continuing support of the company," Chairman David Bundred said.

Surface Transforms shares were down 0.5% at 11.94 pence Monday.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1