Premier Technical Services Grp PLC Increased banking facilities (5109K)
10 July 2017 - 4:00PM
UK Regulatory
TIDMPTSG
RNS Number : 5109K
Premier Technical Services Grp PLC
10 July 2017
10 July 2017
Premier Technical Services Group plc
("PTSG" or the "Group")
Increased banking facilities agreed with HSBC PLC ("HSBC")
GBP12,000,000 Revolving Credit Facility ("RCF") and GBP8,000,000
overdraft facility
PTSG, the niche specialist services provider, is pleased to
announce that it has extended its banking facilities with HSBC.
The RCF has been increased from GBP10.0m to GBP12.0m with the
expiry date remaining unchanged at September 2020. The overdraft
facility has also been increased, from GBP4.0m to GBP8.0m.
Both new facilities are provided at the same interest rate and
covenant tests as under the previous facility. Drawn amounts under
the RCF attract a variable margin over LIBOR, based on the Group's
Net Debt/EBITDA ratio. Undrawn amounts attract a commitment
fee.
John Foley, Chairman of PTSG, said:
"The acquisition of Brooke Edgley (Industrial Chimneys) Ltd
("BEST") which was announced on 4 July 2017 involved an initial
cash consideration of GBP14 million which was entirely financed
from the proceeds of a GBP15 million placing of new ordinary shares
to investors. However, this acquisition substantially increases the
scale of the Group and so we are pleased to announce increased
facilities with HSBC who have been the Group's bankers since our
formation in 2007. These facilities provide us with sufficient
levels of headroom to continue to grow both organically and through
carefully selected acquisitions."
For further information, please contact:
PTSG +44 (0)1977 668 771
Paul Teasdale, Chief Executive Officer
Numis Securities +44 (0) 207 260 1000
Stuart Skinner / Kevin Cruickshank / Michael Burke
Hudson Sandler +44 (0)207 796 4133
Charlie Jack
About PTSG - www.ptsg.co.uk
Premier Technical Services Group PLC is the UK's leading
provider of façade access and fall arrest equipment services,
lightning protection and electrical testing, high-level cleaning
and training solutions.
Operating through four divisions, Access & Safety,
Electrical Services, High Level Cleaning and Training Solutions,
the Group provides highly-engineered industrial products and
quality services and has a substantial presence in a number of
niche markets.
PTSG provides a central information service for its businesses
and champions the dissemination of key information and best
practice. PTSG unites its constituent businesses under one clear
identity, which supports smarter working and delivers top class
service to its customers.
Headquartered in Castleford, West Yorkshire, the Group employs
more than 600 people across 17 UK sites, who service more than
150,000 buildings across the whole of the UK for over 17,000
customers in a wide range of industries. The Company is listed on
the LSE AIM (PTSG.L)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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