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17 May 2018 07:00
LEI213800CALFKOEL7N7P10
Low & Bonar PLC (the 'Company' or 'Low & Bonar')
Debt refinancing
Low & Bonar is pleased to announce that it has agreed and executed a new 5 year, €165m revolving credit facility with a syndicate of five relationship banks, to refinance its existing €165m facility which was due to mature in July 2019.
Under the terms of the new facility, the Group's maximum net debt:EBITDA covenant has been temporarily increased, from 3.0x to 3.5x, until 31 May 2019, to provide additional headroom as the Group executes its reorganisation and cost and structural debt reduction plans. The holders of the Group's €60m Senior Notes have also agreed to the same temporary increase in the net debt:EBITDA covenant.
There is no material change to the cost of the overall debt.
For further information, please contact:
Low & Bonar PLC | 020 7535 3180 |
Philip de Klerk, Group Chief Executive Officer Simon Webb, Group Chief Financial Officer |
|
Instinctif Partners | 020 7457 2020 |
Matthew Smallwood Helen Tarbet Rosie Driscoll |
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