Cape plc Announcement of refinancing (8434Z)

TIDMCIU

RNS Number : 8434Z

Cape plc

12 February 2014

 
    Press Release 
 12 February 2014 
 

Announcement of refinancing

Cape plc is pleased to announce that it has signed a new GBP295m revolving credit facility and a GBP50m accordion for the Group. This new facility replaces the Group's existing GBP200m and AUD$30m facilities which are due to expire in July 2015. The new facility provides the Group with greater covenant flexibility and will terminate in April 2018. The facility has been arranged with a group of 8 banks, comprising existing syndicate members of Barclays Bank plc, Lloyds Bank plc and HSBC Bank plc and a number of new lenders, Abbey National Treasury Services PLC, AIB Group (UK) P.L.C., DNB Bank ASA, ICBC (London) PLC, and National Westminster Bank PLC.

Commenting on the announcement, Joe Oatley, Chief Executive, said:

"These new facilities strengthen our financial position and provide us with the balance sheet to grow our business both organically and potentially acquisitively. The terms of these facilities reflect the banks' confidence in the strategic prospects for the Group."

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Enquiries:

Michael Speakman, Chief Financial Officer, Cape plc

[e-mail]

[phone]

Bobby Morse, Ben Romney & Louise Mason, Buchanan

[phone]

About Cape:

Cape plc (www.capeplc.com), which is listed on the Main Market of the London Stock Exchange, provides a range of essential industrial services including access systems, insulation, refractory linings, painting, coating, blasting, industrial cleaning, training and assessment to industrial plant operators and major international engineering and construction companies.

As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for its clients' in-plant maintenance and capital needs.

In the year ended 31 December 2012, Cape reported revenues of GBP745.7 million. With scale and leading market positions across its international footprint, Cape employs over 21,000 people around the world.

This information is provided by RNS

The company news service from the London Stock Exchange

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