Sign In
23 Feb 2015 07:00
23 February 2015
APR Energy plc
Discussions with Banking Syndicate
APR Energy plc (LSE: APR), (the "Group"), a global leader in fast-track power solutions, today confirms that, in connection with the previously announced expiration of its Libya project and its resulting demobilisation of power generating assets from that project, the Group may not meet certain financial covenants associated with its bank facility on future testing dates.
Although currently in compliance with its financial covenants, the Group has advised its banking syndicate that it may not be able to satisfy certain financial covenants going forward (which, if it occurred, could lead to removal or reduction of its financing arrangements) and is pursuing an amendment to its credit facility that would provide the desired relief in advance of when required to ensure continued compliance. The amendment process is proceeding and the Group is engaged in positive discussions with its banking syndicate.
The Group reconfirms its full-year net debt guidance of $550-570 million, as announced on 23 December 2014. The Group expects to continue to generate strong positive cash flow from operations and will actively manage fleet capital expenditure, ensuring solid liquidity and a robust cash position.
Ends
Enquiries:
APR Energy plc
Lee Munro + 1 904 404 4576
CNC Communications
Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933
Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207
About APR Energy
APR Energy is the world's leading fast-track mobile turbine power business. We provide large-scale, fast-track power, providing customers with rapid access to reliable electricity when and where they need it. APR combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customisable and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific and the Middle East. For more information, visit the Company's website at www.aprenergy.com.
Certain statements included in this announcement constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. Although any such forward-looking statements reflect knowledge and information available at the date of this announcement, reliance should not be placed on them. Without limitation to the foregoing, nothing in this announcement should be construed as a profit forecast.
Follow the stocks
