MetalNRG PLC Italian waste to energy plant bank loan drawdown (7599Z)
16 January 2024 - 6:00PM
UK Regulatory
TIDMMNRG
RNS Number : 7599Z
MetalNRG PLC
16 January 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
16 January 2024
MetalNRG plc
(the "Company" or "MetalNRG")
Italian waste to energy plant drawdown of bank loan
MetalNRG plc (LON:MNRG), the natural resources and energy
investment company, is pleased to announce to the market that EQTEC
Italia will now drawn down the agreed loan facility of EUR2.9
million (the "Facility") to refinance its Italian waste to energy
plant, located in Gallina, near Castiglione d'Orcia, Tuscany, Italy
(the "Plant").
The term of the Facility is 48 months, with an annual interest
rate of 2.5% over the six-month Euro Interbank Offered Rate
(Euribor), which currently makes the interest rate c. 6.5%. It is
offered by Banca del Fucino S.p.A., an historic private banking
group based in Rome (the "Lender"). The loan is guaranteed up to
80% by MedioCredito Centrale S.p.A., which is controlled by the
Italian Ministry of Economy.
Release of funds through the Facility is being executed as the
Plant's achieved the targeted performance criteria set by the
Lender. Italia MDC intends to draw down the Facility imminently to
support the Plant's forecast cash flow and to fund additional
performance improvements as Italia MDC pursues further operational
efficiency and commercial opportunity. Part of the Facility may
also be applied to repayment of shareholder loans that funded
performance improvements to date, including loans made by the
Company.
The Plant became operational in March 2023 and EQTEC completed
handover protocols and transfer of plant operations to Italia MDC i
n June 2023.
Rolf Gerritsen, Executive Director of MetalNRG, commented:
"I am delighted with the facility draw down and congratulate the
EQTEC Italia team on a well done job."
Ends
For further information, please contact:
MetalNRG PLC:
Rolf Gerritsen +44 (0) 207 796 9060
------------------------------
Chris Chadwick +44 (0) 207 796 9060
------------------------------
Peterhouse Capital Limited - Joint Broker:
Lucy Williams + 44 (0) 207 469 0930
-------------------------------
Duncan Vasey + 44 (0) 207 469 0930
-------------------------------
S I Capital Limited - Joint Broker:
Nick Emerson +44 (0) 1483 413500
-------------------------------
IFC Advisory Limited - Financial
PR and IR
------------------------------
Tim Metcalfe +44 (0) 203 934 6630
-------------------------------
Florence Chandler +44 (0) 203 934 6630
-------------------------------
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END
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