(Alliance News) - TP Group PLC on Tuesday said it has entered into a new GBP7.0 million revolving loan facility with HSBC UK Bank PLC.
The engineering services firm said the facility has a term of three years with an interest rate of between 1.75% and 2.25% over the London Inter-bank Offered Rate on the drawn-down amount depending on the company's total leveraged position.
TP Group said it has the option to increase the headroom to GBP12.0 million.
"This is a significant step in our plan to continue growing the company. Building upon recent successful investments we have set our aims increasingly high, and this facility will be used to pursue a series of acquisition, partnership and organic investment paths," said Chief Financial Officer Derren Stroud.
The stock closed 2.4% lower at 6.15 pence each on Tuesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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