PTSG.L Regulatory News (PTSG)

25 March 2019

Premier Technical Services Group PLC

("PTSG" or the "Group" or the "Company")

Increased £50,000,000 banking facilities agreed with HSBC UK Bank plc ("HSBC")

PTSG, the niche specialist services provider, is pleased to announce new £40m committed facilities together with a £10m accordion with HSBC.

Revolving Credit Facility ("RCF") and Accordion

The RCF is a £40.0m four year facility which expires in March 2023 with an option to extend by a further year to March 2024. It comprises a committed £30.0m day 1 facility together with a £10.0m accordion option whereby the initial £30.0m RCF may be increased by up to £10.0m subject to HSBC's discretion.

Term Loan ("Loan")

The Loan is a committed £10.0m four year facility which expires in March 2023 with an option to extend by a further year and is subject to annual repayments of £1.0m.

These facilities replace the Group's existing £12.0m RCF which was due to expire in September 2020, £13.0m on demand loan and £10.0m overdraft facility.

Both new facilities are provided with the same covenant tests but improved interest margins as under the previous facilities. Drawn amounts attract a variable margin over LIBOR, based on the Group's Net Debt/EBITDA ratio. Undrawn amounts attract a commitment fee.

John Foley Chairman of PTSG, said:

"The Group's turnover and underlying levels of EBITDA have more than trebled since the original facilities were agreed in 2015. These enlarged facilities, at better margins, provide us with further headroom to allow PTSG to continue to create ongoing shareholder value through organic growth and carefully selected acquisitions.

"We are delighted to continue working with HSBC, who have been the Group's bankers since our formation in 2007. The new facilities reflect the bank's ongoing confidence in the Group's strategic prospects and credit quality." 

For further information, please contact:

About PTSG - www.ptsg.co.uk 

Premier Technical Services Group PLC is the UK's leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, steeplejack and rope access services and fire solutions.

Operating through four divisions, Access & Safety, Electrical Services, Building Access Specialists and Fire Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.

PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice. PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.

Headquartered in Castleford, West Yorkshire, the Group employs more than 1,200 people across 31 UK sites, who service more than 180,000 buildings across the whole of the UK for over 20,000 customers in a wide range of industries. The Company is listed on the LSE AIM (PTSG.L)