29 Apr 2019 07:00
iEnergizer Limited
("iEnergizer", the "Company" or the "Group")
Agreement on Debt Refinancing
iEnergizer is pleased to announce that it has entered into a credit agreement for a new 5 year senior secured term loan facility ("the Facility") in an aggregate amount of US$45.5m with Main Street Capital Corporation, CSWC Capital Southwest and HMS Funding I LLC. The Facility is on attractive commercial rates secured against the assets of the Company which will be fully paid off over the next 5 years and ensuring the Company will become debt free. The Facility will allow the Company to reinstate a dividend policy, further details will be provided at the final results for the year ended 31 March 2019 expected in June 2019.
The Facility along with the cash available with the Company has been used to refinance and pay off in full the outstanding debt of US$45.1m which was due to mature in May 2019.
Marc Vassanelli, Chairman of iEnergizer, commented:
"We are delighted to have secured this new long-term debt arrangement on commercially attractive returns. The removal of covenants restricting the Company's ability to pay a dividend was a priority for the Company, so we can immediately reinstate a dividend."
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Enquiries: | |
iEnergizer Ltd. | +44 (0)1481 242233 |
Chris de Putron / Mark De La Rue | |
Arden Partners - Nominated adviser and Broker | +44 (0)20 7614 5900 |
Ciaran Walsh / Steve Douglas / Dan Gee-Summons
| |
FTI Consulting - Communications Adviser | +44 (0)20 3727 1000 |
Edward Westropp / Jonathon Brill / Eleanor Purdon |