12 Dec 2019 07:00
12 December 2019
SEC Newgate S.p.A.
("SEC Newgate" or the "Group")
New Banking Facility
The Board of SEC Newgate (AIM: SECG), the international communications, advocacy and research group, is pleased to announce that it has signed a new €3m banking facility with Deutsche Bank S.p.A.; this banking facility will be used to replace the Revolving Credit Facility provided by Clydesdale Bank to Porta Communications Plc in 2017.
The new facility has a 48-month maturity with interest payable quarterly at 3-month EURIBOR (with a floor at 0%) + 1.70%. This a reduction in margin of 215bps compared to the terms of the Clydesdale Bank facility. No security has been provided against the new facility and no covenants are required, reflecting the improved financial stability of the Group following the merger of SEC S.p.A. and Porta Communications plc in September 2019. It is expected that, based on current exchange, LIBOR and 3M EURIBOR rates, the new facility will result in yearly savings of approximately €70k per annum.
Fiorenzo Tagliabue, group CEO of SEC Newgate, commented:
"The new banking facility marks an important step in SEC Newgate's three-year Strategic Plan to return to profitability and strengthen the balance sheet, approved by the Board in November 2019. We are delighted to have started this relationship with Deutsche Bank Italia which will help us to achieve our ambitious plans and seize the significant opportunity that we believe exists for SEC Newgate."
- Ends -
Further information:
For further information please contact:
SEC Newgate S.p.A. |
|
Fiorenzo Tagliabue (Group CEO) | Telephone: +39 335 6008858 tagliabue@secrp.com
|
Emma Kane (Deputy Group CEO, CEO Newgate Communications UK)
| Telephone: +44 (0) 20 3757 6860 emma.kane@newgatecomms.com |
Arden Partners |
|
Richard Johnson / Benjamin Cryer / Ciaran Walsh
| Telephone: +44 207 614 5900 |
Notes to Editors
·; Further information is available at www.secnewgate.com
·; On 3 September 2019, SEC S.p.A. and Porta Communications Plc merged to create SEC Newgate S.p.A.
The Group's principal brands are: ACH SEC Global (Spain); Cambre Associates (Belgium); Cambre Maroc (Morocco); Clai (France); Kohl PR (Germany); Martis Consulting (Poland); SEC Latam (Colombia); Newgate Communications (Abu Dhabi, Australia, Greater China, Singapore, UK); Newington (UK); Publicasity (UK); SEC Newgate S.p.A. (Italy); and 2112 (UK).