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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Renold Plc | LSE:RNO | London | Ordinary Share | GB0007325078 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.22% | 45.60 | 45.20 | 45.90 | 46.00 | 44.40 | 46.00 | 558,140 | 16:35:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 247.1M | 11.8M | 0.0523 | 8.66 | 102.11M |
TIDMRNO
RNS Number : 1075N
Renold PLC
14 May 2015
Renold plc
("Renold" or "the Company" or "the Group")
Strategic Banking Partnership
Renold, a leading international supplier of industrial chains and related power transmission products, announces a new five year strategic partnership with its current banks.
To support the Group's three phase Strategic Plan, Renold has completed the re-financing of its core group banking facility that was due to mature in October 2016. The revised facilities take advantage of favourable market conditions for financing costs and have been extended to mature in April 2020. The facility now also includes a GBP20m accordion feature which allows the company to access additional funding should the need arise.
The underlying GBP41m Multi-Currency Revolving Credit Facility (MRCF) and GBP8m of ancillary facilities have been modified to enhance debt management flexibility for the Group. The facilities continue to be provided by a banking group comprised of Lloyds Bank Commercial Banking and Handelsbanken. The MRCF is fully committed until maturity.
The principal covenant is the Net Debt / EBITDA ratio, which remains at a maximum of 2.50 times until maturity. Renold's recent trading update, issued on 9 April 2015, indicated a Net Debt / EBITDA ratio of approximately 1.0 times following a year of good operating cash generation.
The new facilities will bring an immediate reduction in borrowing costs with scope for further savings as leverage reduces. This reduction in the margin on the new facility, combined with lower leverage, is expected to give rise to annual savings in external financing costs of approximately GBP0.3m.
Robert Purcell, Chief Executive of Renold, commented:
"The new financing agreement provides ongoing support for our progressive capital investment plans and working capital needs as we transition into the 'Growth' phase of our Strategic Plan. Looking further ahead to Phase Three, the accordion feature also means that the Group will be well placed to take advantage of bolt-on acquisition opportunities that align to our Strategic Plan."
14 May 2015
ENQUIRIES:
Renold plc 0161 498 4500 Robert Purcell, Chief Executive Brian Tenner, Finance Director Instinctif 020 7457 2020 Mark Garraway Helen Tarbet James Gray
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 company news service from the London Stock Exchange
END
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