Somero Regulatory News (SOM)

2 Apr 2007 07:01

Somero Enterprises Inc.02 April 2007 Embargoed for 7.00am, 2 April 2007 THIS ANNOUNCEMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED) OR TO RESIDENTS, NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA. Somero Enterprises, Inc. (R) Citizen Loan facility Somero Enterprises, Inc. (R), ("Somero" or "the Company"), the North Americanmanufacturer of patented laser guided equipment used for the spreading andlevelling of high volumes of concrete for floors in the construction industry,entered into a US$24 million credit facility with Citizens Bank New Hampshire, awholly owned subsidiary of The Royal Bank of Scotland Group plc on March 16,2007. The loan is composed of the following: • $14 million Revolving Line of Credit • $10 million Term Loan The change resulted in a new current interest rate of LIBOR + 1.4% compared tothe former rate of LIBOR + 3.5%. Additionally, the new facility allows thecompany to reduce revolving debt balances with excess cash. This creditfacility completely replaces the company's former debt arrangements. Commenting, Jack Cooney, President and CEO of Somero, said: "We are pleased to announce the improved terms of our credit facility with theRoyal Bank of Scotland Group plc which is in keeping with our status as apublicly listed company, where we are keen to ensure that we have financingfacilities in place under terms that are appropriate to our growth strategy." Somero will report full-year results for the year ended 31 December 2006 onMonday, 16 April 2007. For further information contact: Financial Dynamics +44 (0)20 7831 3113Edward Bridges / Harriet Keen / Matt Dixon This announcement does not constitute or form part of any offer or invitation tosell, or any solicitation of any offer to purchase, any securities of SomeroEnterprises, Inc. (the "Company"). This announcement may not be released, published or distributed in or into theUnited States, Canada, Japan or Australia or to US Persons (as defined inRegulation S under the US Securities Act of 1933, as amended (the "US SecuritiesAct")) or to residents, nationals or citizens of Canada, Japan or Australia.The distribution of this announcement in certain other jurisdictions may also berestricted by law and persons into whose possession this announcement or anydocument or other information referred to herein comes should inform themselvesabout and observe any such restriction. Any failure to comply with theserestrictions may constitute a violation of the securities laws of any suchjurisdiction. No securities of the Company have been registered under the US Securities Act.No securities of the Company may be offered or sold in the United States or toUS persons (as defined in Regulation S under the US Securities Act) exceptpursuant to an effective registration statement under the US Securities Act orpursuant to an available exemption from the registration requirements under theUS Securities Act. No securities of the Company have been registered under the applicablesecurities laws of Australia, Canada or Japan and may not be offered or soldwithin Australia, Canada or Japan or to, or for the account or benefit ofcitizens or residents of Australia, Canada or Japan. ENDS This information is provided by RNS The company news service from the London Stock Exchange