Renold PLC Extension of Banking Facilities (5767U)
01 April 2019 - 5:00PM
UK Regulatory
TIDMRNO
RNS Number : 5767U
Renold PLC
01 April 2019
Renold plc
("Renold", "the Company" or "the Group")
Extension of Banking Facilities
1 April 2019
Renold, a leading international supplier of industrial chains
and related power transmission products, announces a five-year
extension to its banking facilities.
Renold is pleased to announce the extension of its core banking
facilities that were due to mature in May 2020. The GBP61.5m
multi-currency revolving credit facility has been extended to March
2024 and includes an additional GBP20.5m accordion feature which
allows the Company to access additional funding should the need
arise.
The facilities, provided by HSBC, Allied Irish Bank (GB) and
Citibank, provide a continued platform to support delivery of the
Group's strategic plan.
The principal facility terms are either unchanged, including the
key Net Debt / EBITDA covenant, or beneficial to Renold.
Robert Purcell, Chief Executive of Renold, said:
"We are delighted to announce the extension of our banking
facilities which provide a stable financing platform to support the
continued strategic development of the Group over the next few
years. As part of the facility extension, we welcome new lending
partners who complement Renold's extensive geographic reach and can
support our operations across the world."
ENQUIRIES:
Renold plc 0161 498 4500
Robert Purcell, Chief Executive
Ian Scapens, Group Finance Director
Peel Hunt LLP 020 7418 8900
Mike Bell
Sam Cann
Instinctif Partners 020 7457 2020
Mark Garraway
Rosie Driscoll
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial
chains and also manufactures a range of torque transmission
products which are sold throughout the world to a broad range of
original equipment manufacturers and distributors. The Company has
a well-deserved reputation for quality that is recognised
worldwide. Its products are used in a wide variety of industries
including manufacturing, transportation, energy, steel and
mining.
Further information about Renold can be found on the website at:
www.renold.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUAABRKBAOOAR
(END) Dow Jones Newswires
April 01, 2019 02:00 ET (06:00 GMT)
Renold (LSE:RNO)
Historical Stock Chart
From Apr 2024 to May 2024
Renold (LSE:RNO)
Historical Stock Chart
From May 2023 to May 2024