Agreement on Debt Refinancing

RNS Number : 2976X

iEnergizer Limited

29 April 2019

 

iEnergizer Limited

("iEnergizer", the "Company" or the "Group")

Agreement on Debt Refinancing

iEnergizer is pleased to announce that it has entered into a credit agreement for a new 5 year senior secured term loan facility ("the Facility") in an aggregate amount of US$45.5m with Main Street Capital Corporation, CSWC Capital Southwest and HMS Funding I LLC. The Facility is on attractive commercial rates secured against the assets of the Company which will be fully paid off over the next 5 years and ensuring the Company will become debt free.  The Facility will allow the Company to reinstate a dividend policy, further details will be provided at the final results for the year ended 31 March 2019 expected in June 2019.

The Facility along with the cash available with the Company has been used to refinance and pay off in full the outstanding debt of US$45.1m which was due to mature in May 2019.

Marc Vassanelli, Chairman of iEnergizer, commented:

"We are delighted to have secured this new long-term debt arrangement on commercially attractive returns. The removal of covenants restricting the Company's ability to pay a dividend was a priority for the Company, so we can immediately reinstate a dividend."

-Ends-

Enquiries:
iEnergizer Ltd.	[phone]
Chris de Putron / Mark De La Rue
Arden Partners - Nominated adviser and Broker	[phone]
Ciaran Walsh / Steve Douglas / Dan Gee-Summons
FTI Consulting - Communications Adviser	[phone]
Edward Westropp / Jonathon Brill / Eleanor Purdon

 

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