19 Jul 2013 07:00
19 July 2013
LAMPRELL PLC("Lamprell" and with its subsidiaries the "Group")
UPDATE ON REFINANCING OF DEBT FACILITIES
Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, is pleased to announce that, further to its announcement on 17 June 2013 that the Group had received binding commitment letters and agreed heads of terms for the arrangement of a new secured banking facility, it has signed a definitive agreement with the lenders for such facility.
The agreement is subject to certain conditions precedent, which Lamprell anticipates being satisfied in the next few weeks, at which time the new facilities will replace the Group's existing funded facilities.
Commenting on these new facilities, Chairman John Kennedy said:
"Lamprell is delighted with this facility for which our new executive team, led by Jim Moffat, successfully negotiated. We are particularly appreciative of the support and confidence of our banking consortium and will continue to progress and develop our business to realise the growth and profitability objectives capable of the Company."
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Enquiries:
Lamprell plc | ||
John Kennedy, Chairman | +44 (0) 207 920 2347 | |
Jim Moffat, Chief Executive Officer | +971 (0) 4 803 9308 | |
Frank Nelson, Chief Financial Officer | +971 (0) 4 803 9227 | |
Ekaterina Alferova, Investor Relations | +44 (0) 7570 813428 | |
M:Communications, London | ||
Ann-Marie Wilkinson | +44 (0) 207 920 2347 | |
Andrew Benbow | +44 (0) 207 920 2344 | |