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26 Aug 2020 16:09
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Non-Standard Finance plc
('NSF', the 'Company' or the 'Group')
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26 August 2020
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Securitisation facility
To improve the efficiency of its balance sheet and reduce funding costs, the Group has repaid the Ā£15m (Ā£10.5m net) previously drawn on its Ā£200m securitisation facility. As a result, the breach of certain performance triggers that arose as a direct result of COVID-19 has now been waived and the Company has agreed with the provider that, subject to their consent and the satisfaction of standard covenants for a facility of this type, the facility will remain open for future use.Ā
At the end of July 2020 and prior to the repayment, the Group had total cash balances of Ā£79.8m and gross borrowings of Ā£345.0m. Cash balances will be reduced by a further Ā£8.1m in August when one of the Group's regular biannual interest payments is made on the Group's Ā£285m term loan facility.
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For more information:
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Non-Standard Finance plc Peter Reynolds, Director, IR and Communications | +44 (0) 20 3869 9026 Ā |
Maitland/AMO Neil Bennett Andy Donald Finlay Donaldson | +44 (0) 207 379 5151Ā Ā |
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