Completion of CBILs Funding

RNS Number : 3017S

Autins Group PLC

08 July 2020

 

08 July 2020

Autins Group plc

(the "Company" or the "Group")

Completion of CBILs Funding

Autins Group plc (AIM: AUTG), UK based manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture and supply of acoustic, filtration (PPE) and thermal insulation solutions, announces that further to the update given on 29th June, the Company is pleased to confirm that the CBILS loan documentation has been completed and that it has now received £2.75m of CBILS funds.

The funding consists of two loans. The first is a 12 month bullet loan repayable as a lump sum at the end of its term for £0.75m. The second loan of £2m is a term loan repayable over 6 years, with no capital repayments required until month 15. Both loans are eligible for British Business Bank interest support for the first 12 months.

A trade finance facility of £0.3m will now also be made available to us. In total the Group will have an additional £3.05m of banking facilities, which can be utilised within the UK.

For further information please contact:

Autins Group plc Gareth Kaminski-Cook, Chief Executive Kamran Munir, Chief Financial Officer	Via Newgate
N+1 Singer (Nominated Adviser and Broker) Mark Taylor / Carlo Spingardi	Tel: [phone]
Newgate Communications (Financial PR) Adam Lloyd Tom Carnegie	Tel: [phone]

About Autins

Autins is a UK based manufacturer of the patented Neptune melt-blown material and specialises in the design, manufacture and supply of acoustic, filtration and thermal products. Its key markets are automotive, flooring, office furniture, PPE and face mask products.

 

END

 

 

MSCSSMFLWESSEIW