Debt Refinancing

RNS Number : 3120J

Restore PLC

29 June 2011

 



                                             Restore plc

                                  ("Restore" or "The Company")

                                  Refinancing Agreement

Restore plc, the AIM listed UK Services Group, today announces that it has signed a new finance facility with Barclays Bank plc.  The main details of the new facility are:

·    A 5 year Term Loan for £11 million at 2.85% over 3 month LIBOR. The repayment period is 10 years with quarterly payments commencing June 2012

·    A 3 year Revolving Credit Facility for £3 million at 3.5% over 3 month LIBOR

·    An overdraft, on demand, facility of £2 million at 3% over 3 month LIBOR

Commenting on the agreement Harvey Samson, Finance Director of Restore plc said: "Restore is a profitable business with excellent growth prospects and good quality of earnings. We are delighted to have put in place these new financing arrangements which enable us to continue our strategy of growth both organically and by acquisition."

For further information, please contact:

Restore plc
Charles Skinner, Chief Executive Harvey Samson, Finance Director	Tel: [phone] Tel. [phone]
Cenkos Securities
Nicholas Wells / Elizabeth Bowman	Tel: [phone]
Threadneedle Communications
John Coles	Tel: [phone]

 

END

 

 

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