Redcentric PLC New GBP100m Bank Facilities (4490J)
27 Abril 2022 - 3:01AM
UK Regulatory
TIDMRCN
RNS Number : 4490J
Redcentric PLC
27 April 2022
Redcentric plc
New GBP100m Banking Facilities
Redcentric plc (AIM: RCN) ("Redcentric" or the "Company"), a
leading UK IT managed services provider, today announces that it
has completed and significantly increased the refinance of its
Group debt facilities that were due to mature on 30 June 2022. The
new debt facilities consist of an GBP80m Revolving Credit Facility
("RCF") and a GBP20m accordion facility (the "New Facility") and
are provided by a new four bank group consisting of NatWest,
Barclays, Bank of Ireland and Silicon Valley Bank.
The New Facility has an initial maturity date of 26 April 2025
with options to extend by a further one or two years. The borrowing
cost of the RCF is determined by the level of the Company leverage
and has a borrowing cost of 175 basis points over SONIA at the
Company's current leverage levels, which is a significant
improvement to the previous facility. An arrangement fee of 75
basis points will be payable upfront, in addition to a commitment
fee on the undrawn portion of the new RCF, on equivalent terms to
the previous facility.
The New Facility provides the Company with additional liquidity
to be used for working capital purposes and to fund acquisitions,
in accordance with the Company's stated strategy.
David Senior, CFO of Redcentric PLC, commented:
"We are pleased to have broadened our relationships with NatWest
and Barclays and to welcome two new banks, Bank of Ireland and
Silicon Valley Bank, as Redcentric continues to progress on its
exciting growth trajectory. The ongoing support from top tier
global financial institutions is a clear endorsement of our plans
and gives us the firepower to further execute on our stated growth
strategy."
Enquiries:
Redcentric plc
Peter Brotherton, Chief Executive Officer
David Senior, Chief Financial Officer +44 (0)800 983 2522
finnCap Ltd - Nomad and Sole Broker
Marc Milmo / Simon Hicks / Charlie Beeson (Corporate Finance)
Andrew Burdis / Sunila de Silva (ECM) +44 (0)20 7220 0500
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END
AGREAELKALEAEAA
(END) Dow Jones Newswires
April 27, 2022 02:01 ET (06:01 GMT)
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