Refinancing of Long-term Credit Facilities

RNS Number : 3668Y

TT Electronics PLC

16 May 2016

 

16 May 2016

TT Electronics plc

Refinancing of Long-term Credit Facilities

TT Electronics ("TT" or the "Group") today announces that it has signed a new £150m multi-currency revolving credit facility to replace the £75m multi-currency and $60m US dollar facilities which expire in August 2017. The new facility has a five year term, is provided by seven relationship banks and was oversubscribed.

The margin on drawings has been reduced and certain covenants have been relaxed including the net debt to EBITDA covenant, which has been changed from 2.75 times to 3.0 times.

Commenting on the refinancing, Mark Hoad, Chief Financial Officer, said:

"We are pleased with the strong support from our relationship banks, and by the terms that we have agreed with them.  The new facility strengthens and extends the Group's financing arrangements, underpinning our ability to pursue our strategy of returning the business to sustainable profitable growth."

For further information please contact:
TT Electronics plc	Tel:  [phone]
Mark Hoad, Chief Financial Officer Richard Tyson, Chief Executive Officer
MHP	Tel:  [phone]
Tim Rowntree / Jamie Ricketts / John Olsen

 

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