Public Policy Holding Co Inc - Washington DC-based group of advisory firms specialising in government affairs and public relations - Enters into a supplemental USD13 million credit facility with Bank of America NA. Says USD6 million of the facility has been drawn. The remainder of the facility is available to the company within six months, "enabling it to continue to facilitate M&A activity where the pipeline of opportunities is strong."
Chief Executive Stewart Hall says: "This supplemental facility will fund an immediately earnings accretive acquisition and provides additional capital for deployment as suitable opportunities present themselves. The global strategic communications markets in which we operate remain highly fragmented, and the pipeline of opportunities in the US, UK and Europe remains healthy. The group's strong cash generation has already enabled us to pay down the existing facility whilst maintaining a high dividend payout and investing in organic growth."
Current stock price: 126.00 pence, closed up 2.0% in London on Wednesday
12-month change: down 8.4%
By Sophie Rose, Alliance News senior reporter
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Public Policy (PPHC)