New Debt Facilities

RNS Number : 0491O

Begbies Traynor Group PLC

02 November 2016

 

2 November 2016

Begbies Traynor Group plc

New Debt Facilities

Begbies Traynor Group plc ("the Group"), the business recovery and property services consultancy, is pleased to announce the completion of new debt facilities, in line with its stated intention to renew them during the current financial year.

The new £30 million debt facilities are being provided by HSBC solely, replacing the Group's previous £30 million facilities. These were due to mature between July 2017 and April 2021 and were provided by three lenders (including HSBC).

These new facilities are unsecured, mature on 31 August 2021 and comprise of a £25 million committed revolving credit facility and a £5 million uncommitted acquisition facility. These facilities are at a lower overall cost to the previous facilities.

In the current year there will be one-off costs incurred in connection with the refinancing with the full benefit of the reduced finance costs being realised in future years.

The Group will retain considerable headroom under the new facilities, with net debt having stood at £10.4 million at 30 April 2016.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said:

"We are pleased to have completed our new debt facilities with HSBC.  These will provide the headroom for the continuing development of the Group, both organically and through acquisitions, whilst reducing the Group's funding costs."

Enquiries please contact:

Begbies Traynor Group PLC                                                                0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

Canaccord Genuity Limited                                                                 020 7523 8350

(Nominated Adviser and Joint Broker)

Bruce Garrow / Nilesh Patel

Shore Capital                                                                                         020 7408 4090

(Joint Broker)

Mark Percy / Anita Ghanekar

MHP Communications                                                                          020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson

Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com and on twitter @Begbies

 

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