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Share Name Share Symbol Market Type Share ISIN Share Description
Judges Scientific Plc LSE:JDG London Ordinary Share GB0032398678 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  100.00 1.59% 6,400.00 6,380.00 6,400.00 6,390.00 6,300.00 6,350.00 2,921 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 79.9 9.5 177.2 36.1 404

Judges Scientific PLC New GBP60.0 million Bank Facility

26/05/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 8040Z

Judges Scientific PLC

26 May 2021

Judges Scientific plc

("Judges Scientific", "Judges", the "Company" or the "Group")

New GBP60.0 million Bank Facility

Judges Scientific, the group focused on acquiring and developing companies in the scientific instrument sector, is pleased to announce that it has entered into new banking facilities ("Facility") with Lloyds Banking Group plc (the "Bank") which replace its existing banking arrangements with the Bank, which were for an aggregate amount of GBP35.0 million. This new Facility will provide greater acquisition financing capacity, both in terms of higher frequency and/or larger deals, in support of the Group's buy and build strategy.

The Facility is for an aggregate GBP60.0 million consisting of a GBP19.0 million term loan ("Term Loan"), a committed GBP35.0 million revolving credit facility ("RCF") plus a GBP6.0 million accordion facility, which can be drawn at the discretion of the Bank. The Facility replaces the Group's previous facilities of which GBP19.0m remained drawn. The Facility has a five year term ("Borrowing Term") with covenants and interest consistent with the previous bank facilities.

The Term Loan amortises on a straight line basis over the Borrowing Term by quarterly instalments. The RCF is repayable in a bullet at the end of the Borrowing Term. The accordion facility increases by the amount paid off the Term Loan, keeping the overall Facility at GBP60.0 million throughout the Borrowing Term.

The banking covenants remain similar to the previous banking arrangements, namely:

   --    Gearing no greater than 2.5 times Adjusted* EBITDA; 
   --    Interest Cover no less than 3 times; and 

-- Adjusted* EBITDA cover of greater than GBP7.5 million plus 75% of any future acquired company's EBITDA.

The existing lending facilities via Bordeaux Acquisition Limited ("Bordeaux"), the Group's 88% owned subsidiary, remain unchanged. Bordeaux owns the trading companies of Deben UK Limited and Oxford Cryosystems Limited .

* Adjusted EBITDA excludes adjusting items relating to amortisation of acquired intangible assets, acquisition-related costs, share based payments and hedging of risks materialising after the end of the year.

Brad Ormsby, Judges' Group Finance Director, commented:

"We are delighted that Lloyds and its Relationship Team have continued to show their long-term desire to stand behind the Group's growth trajectory. This Facility will provide the Group with a substantially larger springboard to continue with the execution of its buy and build growth strategy."

 
 For further information please contact: 
Judges Scientific plc                                  Tel: 020 3829 6970 
 David Cicurel, CEO 
 Brad Ormsby, FD 
Shore Capital (Nominated Adviser & Broker)             Tel: 020 7408 4090 
 Stephane Auton 
 Edward Mansfield 
 Sarah Mather 
Liberum (Joint Broker)                                 Tel: 020 3100 2222 
 Bidhi Bhoma                                            Tel: 020 3405 0205 
 Euan Brown 
 Alma PR (Financial Public Relations) 
 Sam Modlin 
 Justine James 
 Joe Pederzolli 
 

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and developing companies in the scientific instrument sector . The Group consists of 19 businesses acquired since it was re-admitted to AIM in 2005.

The acquired companies are primarily UK-based with products sold worldwide to a diverse range of markets including: higher education institutions, the scientific communities, manufacturers and regulatory authorities. The UK is a recognised centre of excellence for scientific instruments. The Group companies hold five Queen's Awards for innovation and export.

The Group's companies predominantly operate in global niche markets, with long term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that generate sustainable profits and cash. Shareholder returns are created through the repayment of debt, organic growth and dividends.

For further information, please visit www.judges.uk.com

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May 26, 2021 02:00 ET (06:00 GMT)

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