Renold PLC - Derby, England-based supplier of industrial chains and power transmission products - Extends core banking facilities with new facilities for initial three-year term to May 2016 from original maturity in April 2024. New facilities have option to extend term for further two years. Increases amount to new GBP85.0 million multi-currency revolving credit facility, up from GBP61.5 million. There is also a GBP20.0 million accordion option for additional funding in support of its acquisition programme. Facilities will be provided by its existing banks HSBC Holdings PLC, Allied Irish Banks and Citibank, alongside the addition of Banco Santander SA.
Chief Executive Officer Robert Purcell says: "We are delighted to announce we have reached agreement to extend our banking facilities, which will provide a stable financing platform to support the continued strategic development of the group over the next few years. As part of the facility extension, we welcome a new lending partner to the syndicate which complements Renold's extensive geographic reach and can help support our operations across the world."
Current stock price: 29.9 pence, up 8.7%
12-month change: up 13%
By Greg Rosenvinge, Alliance News reporter
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