27 Apr 2018 13:21
27 April 2018
Interserve Plc
Signing of Group Refinancing
Further to its announcement of 21 March 2018 regarding the agreement in principle on the major commercial terms of the refinancing, Interserve Plc (the "Company") is pleased to announce that it has now signed its refinancing with its lenders and bond providers and the trustee of the Interserve section of the Pension Scheme ("Pension Scheme").
The new financing arrangements are subject to satisfaction of certain remaining conditions precedent which are expected to be satisfied before 30 April 2018. The new facilities will provide cash facilities of £196.6m plus bonding facilities of up to £94.5m. These new facilities will mature on 30 September 2021. Existing debt and private placement notes will be amended so that they also mature on 30 September 2021. The new facilities, existing facilities and obligations to the Pension Scheme will be guaranteed and secured by various members of the group.
In addition, the Company will be issuing warrants to the providers of the new cash and bonding facilities with the right to subscribe for new shares at 10 pence per share (the nominal price of each share). If exercised this would provide the warrant holders with an interest of up to 20% of the post-issue share capital.
Further details of the new financing arrangements will be provided with the announcement of the Company's full year results which will be published on 30 April 2018.
Daniel Bush
Company Secretary
27 April 2018