Redcentric Regulatory News (RCN)

Redcentric plc

New £100m Banking Facilities

Redcentric plc (AIM: RCN) ("Redcentric" or the "Company"), a leading UK IT managed services provider, today announces that it has completed and significantly increased the refinance of its Group debt facilities that were due to mature on 30 June 2022. The new debt facilities consist of an £80m Revolving Credit Facility ("RCF") and a £20m accordion facility (the "New Facility") and are provided by a new four bank group consisting of NatWest, Barclays, Bank of Ireland and Silicon Valley Bank.

The New Facility has an initial maturity date of 26 April 2025 with options to extend by a further one or two years. The borrowing cost of the RCF is determined by the level of the Company leverage and has a borrowing cost of 175 basis points over SONIA at the Company's current leverage levels, which is a significant improvement to the previous facility. An arrangement fee of 75 basis points will be payable upfront, in addition to a commitment fee on the undrawn portion of the new RCF, on equivalent terms to the previous facility.

The New Facility provides the Company with additional liquidity to be used for working capital purposes and to fund acquisitions, in accordance with the Company's stated strategy.

David Senior, CFO of Redcentric PLC, commented:

"We are pleased to have broadened our relationships with NatWest and Barclays and to welcome two new banks, Bank of Ireland and Silicon Valley Bank, as Redcentric continues to progress on its exciting growth trajectory. The ongoing support from top tier global financial institutions is a clear endorsement of our plans and gives us the firepower to further execute on our stated growth strategy."

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