Increased £125m facility

RNS Number : 0221B

The Vitec Group PLC

11 August 2008

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. 

11 August 2008

The Vitec Group plc

Increased £125m facility 

The Vitec Group plc ('Vitec') announces that it has signed a new £125m multicurrency revolving credit facility. This has been arranged by Bank of Scotland plc, Barclays Capital (the investment banking division of Barclays Bank PLC), HSBC Bank plc, Landesbank Baden Württemberg, London Branch, Lloyds TSB Bank plc and Unicredit Corporate Banking S.p.A.

The credit line will replace Vitec's current £100m facility and is for a term of five years. The total annual cost of the facility is c.£0.2m more than under the previous loan, based on the current drawing of c.£57m, mainly due to the increased commitment.

Vitec's financial advisers were Dresdner Kleinwort and its legal advisers were Slaughter and May.

Alastair Hewgill, Group Finance Director, said:

'We are pleased to have secured a new increased debt facility for the group on broadly similar financial terms to our current arrangements and appreciate the support from our banks.  Vitec remains prudently financed and will continue to be able to consider further acquisitions if and when appropriate.'

Ends

Enquiries: 

The Vitec Group plc
Alastair Hewgill	Telephone: [phone]
Financial Dynamics
Richard Mountain / Sophie Kernon	Telephone: [phone]

Notes

• Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are 'forward-looking statements' within the meaning of the United States federal securities laws. These forward-looking statements reflect Vitec's current expectations concerning future events and actual results may differ materially from current expectations or historical results. 

• Vitec is an international Group, principally serving customers in the worldwide media sector with products and services for the broadcast, entertainment and photographic industries. Vitec is based on strong, well known, premium brands that professionals rely on. Vitec is organised in three divisions: Imaging & Staging, Broadcast Systems and Broadcast Services. More information can be found at: www.vitecgroup.com.

 

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