Begbies Traynor Group PLC New Debt Facilities (0491O)
02 November 2016 - 6:00PM
UK Regulatory
TIDMBEG
RNS Number : 0491O
Begbies Traynor Group PLC
02 November 2016
2 November 2016
Begbies Traynor Group plc
New Debt Facilities
Begbies Traynor Group plc ("the Group"), the business recovery
and property services consultancy, is pleased to announce the
completion of new debt facilities, in line with its stated
intention to renew them during the current financial year.
The new GBP30 million debt facilities are being provided by HSBC
solely, replacing the Group's previous GBP30 million facilities.
These were due to mature between July 2017 and April 2021 and were
provided by three lenders (including HSBC).
These new facilities are unsecured, mature on 31 August 2021 and
comprise of a GBP25 million committed revolving credit facility and
a GBP5 million uncommitted acquisition facility. These facilities
are at a lower overall cost to the previous facilities.
In the current year there will be one-off costs incurred in
connection with the refinancing with the full benefit of the
reduced finance costs being realised in future years.
The Group will retain considerable headroom under the new
facilities, with net debt having stood at GBP10.4 million at 30
April 2016.
Ric Traynor, Executive Chairman of Begbies Traynor Group,
said:
"We are pleased to have completed our new debt facilities with
HSBC. These will provide the headroom for the continuing
development of the Group, both organically and through
acquisitions, whilst reducing the Group's funding costs."
Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Bruce Garrow / Nilesh Patel
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Giles Robinson
Information on Begbies Traynor Group can be accessed via the
Group's website at www.begbies-traynorgroup.com and on twitter
@Begbies
This information is provided by RNS
The company news service from the London Stock Exchange
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