New Banking Arrangements

RNS Number : 2004Z

Smart Metering Systems PLC

13 March 2017

 

Smart Metering Systems plc

("SMS" or "the Company")

New Banking Arrangements

Smart Metering Systems plc (AIM: SMS.L), is pleased to announce that it has agreed a new £280 million revolving credit facility (the "RCF") with a syndicate of banks which comprises Barclays Bank PLC, Santander UK PLC,  HSBC UK, Clydesdale Bank Plc and Bank of Scotland PLC. The RCF replaces the Group's existing £150 million facility, which was announced in March 2016. The new facility is on highly-competitive market terms.

This increased funding means SMS have significant additional borrowing headroom providing significant financial flexibility as it seeks to continue to accelerate growth and increase investment in its asset base, both in domestic smart opportunities and industrial and commercial meters.  

Alan Foy, Chief Executive Officer of SMS, commented:

"It is a testament to our business that our existing lenders continue to show such great support for SMS and its strategy, and we are delighted to welcome two additional banks into our syndicate. The increased facility will fund our growth in domestic smart metering installs."

For further Information:

Smart Metering Systems plc	0141 249 3850
Alan Foy, Chief Executive Officer
Glen Murray, Chief Financial Officer
Cenkos Securities plc	0131 220 6939 / 0207 397 8900
Neil McDonald
Nick Tulloch
Kreab	020 7074 1800
Matthew Jervois
Daniel Holgersson

Notes to Editors

About Smart Metering Systems

Established in 1995, Smart Metering Systems plc, headquartered in Glasgow, connects, owns and operates gas and electricity meters on behalf of major energy companies. The Company's full end to end energy management services and consultancy business support large blue chip companies in the UK, through a network of offices in Livingston, Cardiff, Cambridge, Bolton, Doncaster, Rugby, and Normanton.

The Company's services also include infrastructure design, installation, consultancy and project management services for new gas, electricity, water and telecoms connections for licenced energy and telecoms suppliers, end consumers and the UK's licenced electricity Distribution Network Owners (DNO's).

The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.

 

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