New Debt Facilities

RNS Number : 2927D

Begbies Traynor Group PLC

26 April 2013

 



26 April 2013

Begbies Traynor Group plc

New Debt Facilities

Begbies Traynor Group plc ("the Group"), the UK's leading independent business recovery practice, is pleased to announce the completion of its new debt facilities.

The new facilities, which are unsecured, comprise:

·       £10 million committed revolving credit facility with a July 2017 maturity date, from HSBC;

·       £10 million committed revolving credit facility with a July 2017 maturity date, from Santander;

·       £10 million term facility with M&G UK Companies Financing Fund 2, with £5 million maturing in April 2020 and £5 million maturing in April 2021; together with a

·       £5 million overdraft facility from HSBC.

These facilities replace the Group's existing £35 million debt facilities, which were due to mature in 2014.  The Group will retain considerable headroom under the new facilities, with net debt having stood at £18.3 million at 31 October 2012.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said:

"These new facilities provide the Group with an attractive blend of medium and long term financing at competitive rates, reflecting the lenders' confidence in the Group.  They will underpin the Group's continued focus on maximising performance and growing our cash-generative and profitable business, both organically and through acquisitions."

Enquiries please contact:

Begbies Traynor Group PLC                                                                0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

Canaccord Genuity Limited                                                                 020 7523 8350

(Nominated Adviser and Joint Broker)

Bruce Garrow / Adam Miller

Shore Capital                                                                                        020 7408 4090

(Joint Broker)

Pascal Keane

MHP Communications                                                                          020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson

Information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com

 

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