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22 Dec 2009 07:00
22 December 2009
Augean plc ("Augean" or "the Group")
Debt facility renewal
Augean, the UK's leading hazardous waste management business, is pleased to announce that it has finalised the renewal of its banking facility with HSBC Corporate Banking. The Group has agreed a three year revolving credit facility of £10m commencing on 21 December 2009.
As part of the refinancing, the guarantees required by the Environment Agency as a landfill permit condition have been restructured and placed with four sureties arranged by HSBC Insurance Brokers.
Paul Blackler, CEO, commented:
"Following Augean's recent successful fundraising, this new revolving credit facility further strengthens the financial position of the Group. Furthermore, we are very pleased to be working with HSBC, one of the world's largest banking institutions and with whom we look forward to enjoying a long and close relationship. This is good news for Augean's shareholders, not only reducing uncertainty but also increasing our flexibility as we continue to work towards our strategic objectives.
"With the placing and refinancing completed the business is now fully invested and focused on delivering return on investment and value from its assets."
- Ends -
For further information, call:
|
Augean Plc Paul Blackler, Chief Executive Peter Southby, Finance Director |
01937 844 980 |
|
Singer Capital Markets Shaun Dobson |
020 3205 7500 |
|
Financial Dynamics Billy Clegg/Edward Westropp |
020 7269 7157 |
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