Last checked at 18 Nov 2016 07:00
18 November 2016
Autins Group plc
("Autins" or the "Group")
New Banking Facilities agreed with HSBC PLC
Autins Group plc (AIM: AUTG), a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector, is pleased to announce that it has secured new and enhanced bank facilities with HSBC PLC.
The 3 year facility provides a total of £10.5 million in the form of £4.5 million of asset finance and £6 million invoice discounting and replaces the Group's existing facilities with Santander. The new facilities are being provided at a lower interest rate and with simpler group wide covenants.
The Group intends to provide a trading update for the financial year ended 30 September 2016 in December.
Jim Griffin, Chief Executive Officer, said:
"The new banking facilities will further strengthen our financial position, extend the Group's debt maturities, reduce our finance costs and support our growth strategy. In addition, they will provide greater control and visibility of the Group's cash and facilities to allow funds to be put to the best use for Autins' strategic aims, and is in line with the commitments made at the time of the Company's IPO in August.
We are delighted to work with HSBC and the terms of the new facilities reflect the bank's confidence in the Group's prospects."
For further information please contact:
Autins Group plc Jim Griffin, CEO James Larner, CFO
| Via Newgate |
Cantor Fitzgerald Europe (Nominated Adviser and Broker) Philip Davies Will Goode Callum Butterfield
| Tel: 020 7894 7000 |
Newgate Communications (Financial PR) Adam Lloyd Helena Bogle
| Tel: 020 7653 9850
|
About Autins
Autins specialises in the design, manufacture and supply of acoustic and thermal insulation solutions primarily in the automotive sector but with an increasing focus on other sectors, including white goods, power generation, marine, apparel, rail, commercial vehicles and industrial sectors.
The Group is one of the leading UK suppliers of noise and heat management products in the automotive market, producing and supplying over two million parts per month to customers including some of the world's leading vehicle manufacturers.