15 Jun 2007 07:01
Accident Exchange Group PLC15 June 2007 FOR IMMEDIATE RELEASE 15 June 2007 Accident Exchange Group Plc ("Accident Exchange" or "the Company") £45 MILLION SENIOR SECURED CREDIT FACILITY The Board of Accident Exchange (the "Board") is pleased to announce that it has entered into a senior secured credit agreement with Morgan Stanley Bank International Limited ("Morgan Stanley") in respect of banking facilities of up to £45 million (the "Facility"). The Facility replaces the Company's existing £20 million revolving credit facility and will be used to repay the Company's £5 million term loan with the increased facility providing additional headroom for general corporate and working capital purposes and has been entered into as a result of the ongoing review of the Company's financing structure as referred to in the trading updateof 10 April 2007. The Facility comprises term loans aggregating to £35 million and a £10 million revolving credit facility and matures on 30 September 2010. The interest rate commences at LIBOR plus 3% rising to 6% on elements of the Facility dependent on usage. As part of the arrangement fee for the Facility, the Company has undertaken to seek shareholder approval for the grant of warrants in favour of Morgan Stanley over 718,571 ordinary shares in the capital of the Company (representing 1% of the Company's current issued share capital after exercise of the warrants) at anexercise price of 105 pence per share. Accordingly, the necessary special resolution will be proposed at the Company's forthcoming Annual General Meeting. Announcement of final results The Company intends to announce its results for the year ended 30 April 2007 on Monday 16 July 2007. Ends CONTACTS: Accident Exchange Group PlcSteve Evans, Chief Executive 08700-116 719Martin Andrews, Group Finance Director 08700-053 649 Numis Securities Ltd 020-7260-1000Chris Wilkinson, Corporate Broking BanksideSteve Liebmann or Simon Bloomfield 020-7367-8888 About Accident Exchange Based in Coleshill, West Midlands, Accident Exchange delivers accident management and other solutions to automotive and insurance related sectors. Fully listed, the stock code is LSE: ACE. This information is provided by RNS The company news service from the London Stock Exchange