New Banking Arrangements

RNS Number : 0984C

Smart Metering Systems PLC

12 March 2014

 



12 March 2014

Smart Metering Systems plc

New Banking Arrangements

The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or the "Company"), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is delighted to announce that it has signed new long term debt facilities with its existing club of lenders, Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Bank of Scotland PLC on significantly improved terms which include a 10 year repayment profile.

The £105 million revolving credit facility (the "RCF"), replaces the existing £45 million facility which was put in place in August 2012; it will provide SMS with significant additional financial flexibility as it seeks to accelerate growth and increase investment in its asset base. SMS intends to use the new RCF to fund the purchase of meter assets during a phased installation over the course of the next 24 months.

Alan Foy, Chief Executive Officer of SMS, commented:

"I am delighted that SMS continues to receive the very strong support of its lenders. The revised arrangements, which are on substantially improved terms to an already competitive facility, will provide SMS with the necessary resources to further increase investment in metering assets over the next 24 months and will assist us to deliver on our strategy and continue to grow the business."

For further information:

Smart Metering Systems plc	0141 249 3850
Alan Foy, Chief Executive Officer
Glen Murray, Finance Director
Cenkos Securities plc	0131 220 6939 / 0207 397 8900
Neil McDonald
Beth McKiernan
Kreab Gavin Anderson	020 7074 1800
Chris Philipsborn
Anna Schoeffler

Notes to Editors

About Smart Metering Systems

Established in 1995, Smart Metering Systems plc based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies.

Currently the Company is concentrating its efforts on offering its unique integrated services to the UK industrial and commercial gas market in which its customers have an 80% market share.

The Company has further applications for gas with its ADM™ device which allows "smart" functions such as remote reading and half hourly consumption data to be offered to customers in addition to the normal metering services. Longer term the company also has additional applications for water and LPG.

The Company was admitted to the AiM market in July 2011 and is now part of the FTSE AiM 50 index, for more information on SMS please visit the Company's website: www.sms-plc.com

 

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