TIDMAXS
RNS Number : 9824N
Accsys Technologies PLC
05 October 2021
AIM: AXS
Euronext Amsterdam: AXS
5 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Refinancing of Group Debt Facilities
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, today announces that it has completed the
refinance of its Group debt facilities through a new bilateral
agreement with ABN AMRO, one of Accsys' existing relationship
banks.
The new EUR60m 3-year bilateral facilities agreement with ABN
AMRO comprises a EUR45m Term Loan Facility and a EUR15m Revolving
Credit Facility ('RCF'). The EUR45m Term Loan will be fully
utilised to repay all of the Group's existing debt, with the
exception of the NatWest facility held by the Tricoya(R) consortium
which will remain in place.
The new facility significantly simplifies Accsys' debt
structure, which previously included five different debt providers
and commercial partners. The Term Loan is partially amortising,
with 5% of the principal repayable per annum after 18 months. This,
together with the RCF, will provide Accsys with greater liquidity
to support the Group's growth plans.
The applicable interest rate for the Term Loan will vary between
an all in cost of 1.75% and 3.25% depending on net leverage,
resulting in a significant improvement compared to the previous
facilities which had a weighted average cost of approximately 6%.
The RCF interest rate will similarly vary, but between 2.0% and
3.5% above EURIBOR.
The new facilities are secured against the assets of the Group
which are 100% owned by the Company and include customary covenants
such as net leverage and interest cover.
Rob Harris, Accsys CEO, said: "This refinancing provides Accsys
with debt facilities on more attractive terms under a simpler debt
structure, which reflects Accsys' development over recent years and
its established track record of profitability. The new facilities
give us both the flexibility and scope to meet our long-term
corporate growth objectives, and we are pleased to agree these
facilities with ABN AMRO, one of our long-standing banking
partners."
Ends
For further information, please contact:
Investors: ir@accsysplc.com
Accsys Technologies PLC
Sarah Ogilvie, Investor Relations
============================================== ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
============================================== ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN AMRO Equity Capital Markets (Amsterdam)
Richard van Etten, Dennis van Helmond +31 20 344 2000
============================================== ======================
Media:
============================================== ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
============================================== ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
============================================== ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make Accoya(R) wood and
Tricoya(R) wood elements: high performance wood products that are
extremely durable and stable, opening new opportunities for the
built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable
wood into building materials with an up to 50-year warranty,
locking carbon stored in the wood into useful products for decades,
with performance characteristics that match or better those of
non-renewable, resource-depleting and polluting alternatives.
Accsys is listed on the London Stock Exchange AIM market and on
Euronext Amsterdam, under the symbols 'AXS'. Visit
www.accsysplc.com
Accoya(R) solid wood is sustainable, durable, and stable with
exceptional performance, finish and sustainability. Accsys'
proprietary acetylation process makes the wood more dimensionally
stable and because it is no longer easily digestible, extremely
durable. It is one of very few building materials to be Cradle to
Cradle Certified(TM) at the Gold level, with a Platinum rating for
Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary
applications for Accoya(R) wood include windows, doors, cladding
and decking, where the combination of performance and
sustainability benefits compete favorably against hardwoods,
plastics, metals and concrete. Visit www.accoya.com
Tricoya(R) acetylated wood elements are produced for use in the
fabrication of panel products such as medium density fibreboard
(MDF). Panel products made with Tricoya(R) wood elements are truly
durable and stable enough for use outdoors and in wet environments,
unlocking new possibilities for design and construction. They have
been lauded as the first major innovation in the wood composites
industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a
whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. 'Accsys' and 'Accsys Technologies' are
trading names of Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC. Accoya (R) , Tricoya (R) and
the Trimarque Device are registered trademarks owned by TWL and may
not be used or reproduced without written permission from TWL, or
in the case of the Tricoya (R) registered trademark, from Tricoya
Technologies Limited, a subsidiary of TWL with exclusive rights to
exploit the Tricoya (R) brand.
Market Abuse Regulation
This announcement contains inside information for the purposes
of EU Market Abuse Regulation and UK Market Abuse Regulation, as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, the
inside information is now considered to be in the public domain.
The person responsible for arranging for the release of this
announcement on behalf of Accsys is Angus Dodwell, General Counsel
& Company Secretary.
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