Last checked at 27 Apr 2018 09:26
Judges Scientific plc
("Judges Scientific", "Judges", the "Company" or the "Group")
New Bank Facilities
Judges Scientific, a group involved in the buy and build of scientific instrument businesses, is pleased to announce that it has entered into new banking facilities ("Facility") with Lloyds Banking Group plc (the "Bank") replacing its existing banking arrangements. This will provide further capacity to finance acquisitions to support the Group's buy and build strategy.
The Facility is for an aggregate £35.0 million consisting of a £10.0 million term loan ("Term Loan"), a committed £20.0 million revolving credit facility ("RCF") plus a £5.0 million accordion facility, which can be drawn at the discretion of the Bank. The Facility replaces the previous facilities for which the Group had a total of £12.9 million outstanding. The Facility has a five year term ("Borrowing Term") with covenants and interest consistent with the previous bank facilities.
The Term Loan shall amortise on a straight line basis over the Borrowing Term by quarterly instalments. The RCF is repayable in a bullet at the end of the Borrowing Term.
The existing lending facilities via Bordeaux Acquisition Limited ("Bordeaux"), the Group's 75.5% owned subsidiary, remain unchanged. Bordeaux was set up as a vehicle to acquire Deben UK Limited and was used recently to purchase Oxford Cryosystems Limited.
Brad Ormsby, the Group's Finance Director, commented:
"We are delighted with the continued long-term support of Lloyds. The Facility will provide an enhanced platform from which the Group can continue to execute its buy and build growth strategy."
For further information please contact: | |
Judges Scientific plc David Cicurel, CEO Brad Ormsby, FD
| Tel: 020 3829 6970
|
Shore Capital (Nominated Adviser & Broker) Stephane Auton Edward Mansfield
| Tel: 020 7408 4090
|
Alma (Financial Public Relations) Rebecca Sanders-Hewett Susie Hudson Sam Modlin | Tel: 020 3865 9886 |
Notes to editors:
Judges Scientific plc (AIM: JDG), is a group involved in the buy and build of scientific instrument businesses. The Group currently consists of 16 businesses acquired since it was re-admitted to AIM in 2005.
The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, manufacturers and regulatory authorities. The UK is a recognised centre of excellence for scientific instruments. The Group has received five Queens' awards for innovation and export.
Judges Scientific maintains a policy to selectively acquire businesses that generate sustainable profits and cash. Shareholder returns are created through the repayment of debt, dividends and through organic growth which the Group encourages by creating an environment for businesses to thrive in, with support and advice for entity management teams.
The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.
For further information, please visit www.judges.uk.com