Amendment to existing bank facilities

RNS Number : 1712G

Oxford Instruments PLC

02 March 2015

 

Release date: 2 March 2015

Oxford Instruments plc

Amendment to existing bank facilities

Oxford Instruments plc, a leading provider of high technology tools and systems for industry and research, today announces that it has agreed with the club of banks that provide its Revolving Credit Facility to increase the facility by $37 million (approximately £25 million) from the current £100 million level and to extend the tenor of the facility to February 2020.  The existing facility was to mature in December 2018. 

In addition, the covenant for Net Debt to EBITDA will increase from 3.0x to 3.5x for the three semi-annual covenant testing periods from 31 March 2015 to 31 March 2016 inclusive, at which time it will revert to the original level.

Trading conditions remain consistent with the Q3 trading update announcement that was made on 22 January 2015 and expectations are unchanged.

Jonathan Flint (Chief Executive) and Kevin Boyd (Finance Director) will host a conference call for analysts and investors on this announcement at 8.00am (UK time), today 2 March.  To join the call, please use the dial-in numbers below:

Dial:   [phone]

PIN:    92006176# 

- Ends -

Enquiries:

Oxford Instruments plc                                       Tel: [phone]

Jonathan Flint, Chief Executive

Kevin Boyd, Group Finance Director

MHP                                                                     Tel: [phone]

Rachel Hirst / Jamie Ricketts

Issued for and on behalf of Oxford Instruments plc

Notes to Editors  

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialisation of these ideas by bringing them to market in a timely and customer-focused fashion.

The first technology business to be spun out from Oxford University, Oxford Instruments is now a global company with over 2300 staff worldwide and is listed on the FTSE250 index of the London Stock Exchange (OXIG).  Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors with a focus on nanotechnology. Its key market sectors include nano-fabrication and nano-materials. The company's strategy is to expand the business into the life sciences arena, where nanotechnology and biotechnology intersect

This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments; Nuclear Magnetic Resonance; x-ray, electron, laser and optical based metrology; atomic force microscopy; optical imaging; advanced growth, deposition and etching.

Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health. 

 

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