Statement re New Long Term Funding

RNS Number : 7439P

Senior PLC

07 October 2011

 



Senior plc

New Long Term Funding

Senior plc ("Senior" or "the Group") announces that it has agreed a new five-year £60m Revolving Credit Facility maturing in October 2016.  The new agreement also includes an additional uncommitted £20m accordion facility.  The new facilities have been arranged with a four bank syndicate comprising Lloyds TSB Bank plc, HSBC Bank plc, KBC Bank NV and Crédit Industriel et Commercial, London Branch.  They replace an existing, currently undrawn, £80m revolving credit facility that was due to expire in July 2012.

Following this transaction, the Group will have total committed borrowing facilities of £191m¹, with a weighted average maturity of 5.3 years.  This represents an increase in maturity profile of 1.7 years.  The Group's next material refinancing is now not due until October 2014.  At the end of June 2011, the Group had net debt of £63m, comprising fully drawn US dollar private placement loan notes of $185m (£116m¹) and net cash of £53m.

Mark Rollins, Group Chief Executive, commented: "Given the ongoing uncertainty in the financial markets, it is pleasing to report that the new facility secures the Group's funding requirements for the foreseeable future.  Senior remains strongly cash generative".

The Interim Management Statement for the third quarter will be issued on Tuesday 25 October 2011.

Note:
1.	The sterling amounts assume an exchange rate of £1 : US$1.60

Further information

Mark Rollins	Group Chief Executive, Senior plc	[phone]
Simon Nicholls	Group Finance Director, Senior plc	[phone]
Philip Walters	RLM Finsbury Group	[phone]

About Senior

Senior is an international manufacturing group with operations in 11 countries.  It is listed on the main market of the London Stock Exchange (symbol SNR).  Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, diesel-engine, exhaust system and energy markets.  It employs over 5,300 people worldwide.  Further information on Senior plc, may be found at: www.seniorplc.com

 

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