Refinancing of Funding Arrangements

RNS Number : 0141S

Speedy Hire PLC

18 September 2014

 



Speedy Hire Plc

("Speedy" or "the Group")

Refinancing of Funding Arrangements

Speedy, the UK's leading tools, equipment, plant hire and services company, operating in the construction, infrastructure and industrial markets, announces that it has completed a refinancing of its funding arrangements, which were due to mature in August 2015.

With effect from 17 September 2014, the Group has secured a new £180 million 5-year asset-based revolving facility at an improved margin and with an agreement in place to support additional funding requirements in the future.

Commenting on the refinancing, Mark Rogerson, Chief Executive Officer, said:

"We are delighted to have concluded this refinancing ahead of schedule and on improved terms reflecting our bankers' confidence in the business.  Alongside our ongoing focus on cash generation, the new facility will provide us with the flexibility to support our strategy for growth."

18 September 2014

ENQUIRIES:

Speedy Hire	Tel: [phone]
Mark Rogerson, Chief Executive Officer
Lynn Krige, Group Finance Director John Fahey, Communications Director
Instinctif Partners	Tel: [phone]
Mark Garraway
Helen Tarbet
James Gray

Notes to Editors:

Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire, and support services to a wide range of clients across the construction, infrastructure, industrial sectors, as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM). Speedy is accredited nationally to ISO9001, ISO14001 and OHSAS18001. Operating from 246 fixed sites across the UK and Ireland, together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international hub based in the Middle East.

 

END

 

 

MSCLPMPTMBTBMLI