New Debt Facility

RNS Number : 0639K

iEnergizer Limited

30 December 2020

 

30 December 2020

iEnergizer Limited

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

New Debt Facility

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") for an aggregate amount of USD$165m, including a USD$15m revolving credit facility.

The Facility has been secured on significantly more attractive commercial terms and rates of 3.75 per cent plus LIBOR, compared to the existing debt facility, which it is replacing and had a minimum 7.00 per cent interest rate. The Group remains highly cash generative, with a strong balance sheet, and the new facility does not restrict Dividend payments, subject to maintenance of facility covenants. Accordingly, the Board intends to maintain its existing dividend policy going forward.

The Facility is intended to increase debt use within the capital structure with existing facilities having been substantially repaid. The Board intends to utilise the additional financing now available to return cash to shareholders. A further announcement on a return of cash to shareholders will be made in due course.

The Board is also pleased to note that iEnergizer is now a member of FTSE AIM 100.

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").  Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further enquiries, please contact:

iEnergizer Ltd.	[phone]
Chris de Putron
Mark De La Rue
FTI Consulting - Communications Adviser	[phone]
Jonathon Brill / Eleanor   Purdon
Arden Partners - Nominated adviser and Broker Benjamin Cryer/ Steve Douglas / Dan Gee-Summons (Corporate Finance) James Reed-Daunter (Equity Sales)	[phone]

 

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