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Low & Bonar PLC (LWB)

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Thursday 17 May, 2018

Low & Bonar PLC

Debt refinancing

RNS Number : 3514O
Low & Bonar PLC
17 May 2018
 

LEI213800CALFKOEL7N7P10

Low & Bonar PLC (the 'Company' or 'Low & Bonar')

Debt refinancing

Low & Bonar is pleased to announce that it has agreed and executed a new 5 year, €165m revolving credit facility with a syndicate of five relationship banks, to refinance its existing €165m facility which was due to mature in July 2019.

Under the terms of the new facility, the Group's maximum net debt:EBITDA covenant has been temporarily increased, from 3.0x to 3.5x, until 31 May 2019, to provide additional headroom as the Group executes its reorganisation and cost and structural debt reduction plans. The holders of the Group's €60m Senior Notes have also agreed to the same temporary increase in the net debt:EBITDA covenant.

There is no material change to the cost of the overall debt.

For further information, please contact:

Low & Bonar PLC

020 7535 3180

Philip de Klerk, Group Chief Executive Officer

Simon Webb, Group Chief Financial Officer

 

Instinctif Partners

 020 7457 2020

Matthew Smallwood

Helen Tarbet

Rosie Driscoll

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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