Extension of Banking Facilities

RNS Number : 5767U

Renold PLC

01 April 2019

 

Renold plc

("Renold", "the Company" or "the Group")

Extension of Banking Facilities

1 April 2019

Renold, a leading international supplier of industrial chains and related power transmission products, announces a five-year extension to its banking facilities.

Renold is pleased to announce the extension of its core banking facilities that were due to mature in May 2020.  The £61.5m multi-currency revolving credit facility has been extended to March 2024 and includes an additional £20.5m accordion feature which allows the Company to access additional funding should the need arise.

The facilities, provided by HSBC, Allied Irish Bank (GB) and Citibank, provide a continued platform to support delivery of the Group's strategic plan.

The principal facility terms are either unchanged, including the key Net Debt / EBITDA covenant, or beneficial to Renold.

Robert Purcell, Chief Executive of Renold, said:

"We are delighted to announce the extension of our banking facilities which provide a stable financing platform to support the continued strategic development of the Group over the next few years.  As part of the facility extension, we welcome new lending partners who complement Renold's extensive geographic reach and can support our operations across the world."

ENQUIRIES:

Renold plc	0161 498 4500
Robert Purcell, Chief Executive
Ian Scapens, Group Finance Director
Peel Hunt LLP	020 7418 8900
Mike Bell
Sam Cann
Instinctif Partners	020 7457 2020
Mark Garraway
Rosie Driscoll

NOTES FOR EDITORS

Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well-deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.

Further information about Renold can be found on the website at: www.renold.com

 

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