Carclo plc Tripartite Financing Agreement Secured (1861Y)
05 September 2022 - 4:00PM
UK Regulatory
TIDMCAR
RNS Number : 1861Y
Carclo plc
05 September 2022
This announcement contains inside information. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
5 September 2022
Carclo plc
("Carclo" or the "Group")
Tripartite Financing Agreement Secured
The Board is pleased to announce that on 2 September 2022, the
Group agreed a revised and extended funding arrangement with the
Company's main secured creditors, HSBC and the Pension Scheme. This
arrangement provides access to ongoing bank facilities as well as
visibility over repayment schedules through to June 2025.
As part of this agreement, new facilities have been entered into
with HSBC, the Group's lending bank, comprising a Term Loan of
GBP34.5m and a Revolving Credit Facility of GBP3.5m. In parallel,
the Group has reached agreement with the Trustees of the Pension
Scheme in respect of both the actuarial deficit and the resultant
deficit repair contributions to be made over the next three years
in addition to the currently agreed gross contributions of GBP2.8m
(2021), GBP3.9m (2022) and GBP3.8m (2023). Future deficit repair
contributions have been agreed at the base position of GBP3.5m
annually plus 25% of any surplus above adjusted EBITDA over GBP18m
(2024), extending to 26% of any surplus above adjusted EBITDA over
GBP18m (2025).
Nick Sanders, the Executive Chair, commented "The completion of
this refinancing is another positive milestone in the development
of Carclo plc and allows the Group to focus on the execution of our
growth strategy, aimed at capturing the significant long-term
opportunities available to the Group".
About Carclo plc
Carclo plc is a public company whose shares are quoted on the
Main Market of the London Stock Exchange. The Group is a global
provider of value-adding engineered solutions for the medical,
optical and aerospace industries.
LEI: 21380078MEM399JPI956
Enquiries:
Carclo plc 01924 268040
Nick Sanders - Executive
Chair
FTI Consulting 020 3727 1340
Nick Hasell / Susanne
Yule
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END
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